Capital Z Acquires Portfolio Group from Frontenac
July 14, 2016
(Lake Forest, CA) Capital Z Partners Management, LLC, a New York-based private equity firm, acquired Portfolio Group, Inc. from Frontenac Company, LLC, a Chicago-based private equity firm. Terms of the transaction were not disclosed.
Based in Lake Forest, CA, with operations in Dallas, Portfolio is an independent provider of automotive F&I products and services U.S. dealers. Its specialty is managing Affiliated Reinsurance Companies for dealership owners. Portfolio develops and administers extended warranty programs with a full-service product offering of F&I products. Management will retain current roles in day-to-day operations and significant ownership.
“We enjoyed strong growth during Frontenac’s ownership as we’ve executed a number of key internal growth initiatives that expanded the Company’s geographic footprint and dealership network, in addition to developing the support functions necessary to facilitate continued expansion” President and Chief Executive Officer Brent Griggs said. “In Capital Z, we have found a future partner who will continue to support our strong growth, knows the insurance markets, and shares our strategic vision.”
Robert Spass, Managing Partner of Capital Z, said, “We know the space well and believe Portfolio is one of the best platforms in the VSC industry. The strength of the management team, their vision for the future and unique business model make Portfolio well positioned to take advantage of current industry trends. Capital Z is pleased to have reached this agreement and we look forward to partnering with management to take advantage of the significant growth opportunities available.”
Ron Kuehl, Managing Director of Frontenac, said, “Partnering with founder-owned businesses is a core pillar of our strategy and we are delighted in the successful partnership we forged with Brent and Portfolio’s founder Steve Burke. We are confident that management and their new partner Capital Z will continue the strong growth trajectory of the Company.”
About Capital Z
Capital Z is a leading global private equity firm focused on the financial services industry. Capital Z has invested $2.8 billion in transactions since 1990.
About Frontenac Company
Frontenac is a private equity firm, based in Chicago. The firm focus is lower middle market buyout transactions in the food, industrial, and services industries. Frontenac works in partnership with operating leaders, through CEO1st, an executive-centric approach. Frontenac identifies, acquires, and builds market leading companies through acquisitions and operational excellence. The firm works with 225 mid-sized businesses; primarily families and founders. Frontenac helps them address liquidity, management enhancement, and growth planning issues. For more information, visit www.frontenac.com