Genstar Capital LLC acquires Innovative Aftermarket Systems
Dec. 28, 2011—Private equity firm Genstar Capital LLC has acquired Innovative Aftermarket Systems, a company that markets, administers and underwrites vehicle protection products.
Austin, Tex.-based IAS has a comprehensive portfolio of finance and insurance products and services, including tire and wheel coverage, key replacement, and paint-less dent repair.
Ryan Clark, managing director at Genstar, said he’s excited to partner with IAS.
"Over the past 30 years, IAS has become one of the nation's leading vehicle protection product and services providers and, through its focus on customer service and product quality, has built lasting relationships with hundreds of independent agents and thousands of automobile dealerships,” he said. “Genstar's focus in the insurance sector is to target companies like IAS that focus on a niche segment of the market, and we believe IAS has a distinct advantage through its existing distribution channel and underwriting capabilities. Looking ahead, dealerships increasingly seeking to enhance their business through the sale of ancillary products will rely even more on IAS as an important partner and source of added revenue."
IAS President and CEO Bob Corbin will continue leading IAS as CEO. “We are very pleased with our progress and growth and look forward to working with our new partners at Genstar whose experience will provide an added source of creativity, financial capacity and executive network to help IAS continue its growth trajectory," he said.