Extended warranty product provider Protect My Car has new ownership.
On Thursday, Protect My Car (PMC) announced that funds managed by Crestview Partners, together with members of PMC’s management team, have completed the acquisition of the company from a private investor group.
According to a news release, financial terms of the transaction were not disclosed.
Craig Rubino, who founded PMC in 2007 and has been chief executive officer since that point, will continue to lead PMC as CEO and serve as a member of the company’s board of directors.
Headquartered in Clearwater, Fla., PMC is one of the nation’s leading providers of extended warranty products for vehicles, including vehicle service contracts. In 2018, for the second consecutive year, PMC earned a spot on the Tampa Bay Business Journal’s Fast 50, which recognizes the 50 fastest-growing private companies in the Tampa, Fla., area.
The company also placed No. 663 on the Inc. 5000 and was named the 2nd best place to work in Tampa.
“We are excited about the next phase of PMC’s evolution, and we could not have asked for a stronger or more experienced partner at this time than Crestview,” Rubino said. “Crestview’s leadership team shares our vision that long-term success is rooted in delivering exceptional customer value and service, building robust strategic partnerships, establishing strong fundamentals while remaining agile and flexible and engaging employees on the front line and back end.
“We look forward to a mutually beneficial and rewarding relationship with Crestview for many years to come,” he added.
Crestview partner Alex Binderow also commented about the acquisition.
“At Crestview, we build long-term value-added partnerships that enable businesses to unlock and achieve their full potential,” Binderow said. “Under Craig’s leadership, PMC has thrived in a competitive and customer-centric environment by providing high value-added service contract products for vehicle servicing and repairs.
Crestview is excited about this investment and looks forward to working with PMC to capitalize on the numerous opportunities in front of the company,” Binderow went on to say.
Colonnade Securities served as financial adviser to PMC and Sandler O’Neill + Partners served as financial adviser to Crestview in this transaction.