Protective Asset Protection to grow via Revolos acquisition
Protective Life Corp. is pleased with the positive trajectory of Protective Asset Protection, so the company made a move to enlarge its F&I division on Friday through an acquisition.
The company, which also is a wholly owned U.S. subsidiary of Dai-ichi Life Holdings, announced it has reached an agreement to acquire the Revolos family of companies.
“Protective’s Asset Protection Division is an important — and growing —part of our business,” Protective president and chief executive officer Rich Bielen said in a news release. “As we continue to navigate the uncertain situation posed by COVID-19, we remain focused on serving more customers.
“This transaction aligns well with our plans to build on our strong foundation and protect more people in the future by growing both organically and through acquisitions,” Bielen continued.
When closed, this transaction will represent Protective’s 58th acquisition. It will be the fifth transaction completed since Protective became part of Dai-ichi Holdings in 2015.
Dai-ichi, which has more than $548 billion in total assets, considers Protective to be its North American growth platform and continues to aim for further expansion in the region, through both acquisitions and organic growth.
Subject to the receipt of regulatory approvals and satisfaction of customary closing conditions, officials said the closing of the acquisition is expected to occur in the first quarter of next year.
Revolos is a diversified, full-service F&I provider that offers a suite of products that complement Protective’s existing portfolio and distribution channels.
“Protective is a well-known, respected and leading provider of finance and insurance (F&I) solutions to the markets we serve,” Revolos chief executive officer Rich Holland said.
“Becoming part of the Protective family is an exciting step on our company’s journey, and we look forward to the benefits this opportunity will provide our team members, partners and customers,” Holland said.
Protective Asset Protection has been providing F&I solutions to the automotive industry for more than 55 years. Its programs include, among other areas, extended service contracts, guaranteed asset protection (GAP) and ancillary products to protect consumers’ investments in automobiles, recreational vehicles, watercraft and powersports vehicles.
Protective Asset Protection also offers a robust portfolio of dealer participation programs, training and technology solutions through a network of general agents as well as a direct sales force.
“Revolos has built a strong organization with a focus on meeting the needs of agents, dealers and financial institutions,” Protective Asset Protection president Scott Karchunas said.
“We are excited about the opportunity to grow market share and protect more customers by adding Revolos’ complementary product portfolio and distribution channels to our current business lines,” Karchunas went on to say.
Maynard, Cooper & Gale, P.C. acted as external legal counsel for Protective in this transaction.
Reed Smith LLP acted as external legal counsel for Revolos in this transaction, and Houlihan Lokey acted as financial advisor to Revolos in the transaction.