Safe-Guard Products International, a provider of third-party private label protection products for the automotive, RV, marine and powersports industries, announced an investment in the company by funds managed by Stone Point Capital.
According to a news released distributed this week, Safe-Guard noted that affiliates of the Goldman Sachs Group — which first invested in Safe-Guard in 2012 — will continue to own a minority interest in the company.
Based in Atlanta, Safe-Guard manages protection product programs for more than 50 strategic partners across the U.S. and Canada, offering a full suite of protection products in the automotive, powersport, RV and marine industries. The company said more than 13 million consumers are protected under contracts by Safe-Guard.
“Safe-Guard is in the unique position to welcome Stone Point Capital as a new investor with deep industry experience, while continuing our successful relationship with Goldman Sachs through its renewed investment,” Safe-Guard chief executive officer Randy Barkowitz said.
“With continued development of people, product, technology, and our service infrastructure, we remain committed to delivering innovative solutions and value-added customer support to our strategic partners and customers.”
Stone Point Capital owns and invests in leading companies within the financial services and related industries.
“Since its inception, Safe-Guard has placed a premium on service and innovation, which has led to the company’s remarkable growth,” Stone Point Capital chief executive officer Chuck Davis said.
“We are pleased to invest in the company as it commits to further enhance the technology, infrastructure, and service that has made Safe-Guard the market leader,” Davis continued. “We look forward to a strong partnership with the Safe-Guard team and Goldman Sachs.”
Officials reiterated that the Goldman Sachs Merchant Banking Division acquired Safe-Guard in 2012 and will retain a significant stake in the company.
“We are extremely proud of the growth that Safe-Guard and its management team have achieved during our ownership period, which has solidified the company’s position as the category leader in its space in North America,” said Sumit Rajpal, co-head of Goldman Sachs Merchant Banking Division.
“Safe-Guard is well-positioned to continue its stellar growth under its talented and experienced management team led by Randy Barkowitz, and we are excited to partner with Stone Point Capital in continuing our journey with the company,” Rajpal went on to say.
Goldman Sachs and Jefferies acted as joint financial advisers, and Davis, Polk & Wardwell acted as legal counsel to Safe-Guard.
Debevoise & Plimpton LLP and White & Case acted as legal counsel to Stone Point Capital.