An F&I provider that’s been in business for more than 30 years has new ownership.
Kingsway Financial Services on Tuesday announced it has closed on its acquisition of Geminus Holding Co., a specialty, full-service provider of vehicle service contracts and other F&I products to used-vehicle buyers around the country.
Geminus, headquartered in Wilkes-Barre, Pa., has been creating, marketing and administering VSCs and F&I products on high-mileage used vehicles through its subsidiaries — Penn Warranty Corp., and Prime Auto Care — since 1988. Penn and Prime distribute these products via both independent and franchised dealerships.
“As previously communicated, a key component of our business strategy is to actively pursue compelling warranty company acquisitions. We are delighted to add Penn and Prime to our growing portfolio of businesses in the extended warranty industry," Kingsway Financial Services president and chief executive officer John Fitzgerald said in a news release.
“We think very highly of Jude Tuma and the entire Geminus team and feel that, with Kingsway’s resources and support, Penn and Prime have attractive business prospects,” Fitzgerald continued. “We expect the transaction will be immediately accretive to our cash flow and operating income.”
Tuma, who is Geminus’ chief executive officer, added, “We have spent many years building a strong brand and reputation that consumers can depend on. We look forward to joining the Kingsway family as we continue to build our reach and protect our customers’ valued assets.”