LAKE FOREST, Calif. — Portfolio has acquired a majority interest in Folsom, Calif.-based Finance Concepts LLC, one of the reinsurance and F&I product provider and administrator’s largest-producing agencies. Portfolio is owned by the company’s management and Capital Z Partners, a New York-based private equity firm. Terms of the transaction were not disclosed.
“We are very pleased to be adding one of the finest automotive finance and insurance agencies in the country to the Portfolio group of companies,” said President and CEO Brent Griggs. “Perry Montoya and Jeff Burnett have led Finance Concepts to exceptional growth since its founding in 2005 and we are delighted that they will continue that leadership as part of the Portfolio team.”
Finance Concepts will have access to Portfolio’s significant resources as the agency accelerates a growth plan while Portfolio further strengthens its relationships with Finance Concepts and their large portfolio of dealer clients. No changes to the management of Finance Concepts are contemplated, as Portfolio’s investment is driven by their confidence in the agency’s current leadership team, executives said.
“Our strategy for Portfolio combines continued strong organic growth with strategic acquisitions of successful agencies run by first class management whose business philosophy and approach are consistent with ours,” said Capital Z Managing Partner Brad Cooper. “Finance Concepts meets each of these criteria and this acquisition significantly strengthens Portfolio’s distribution network.”