National Auto Care acquired by Lovell Minnick Partners


Ponte Vedra Beach-based National Auto Care (NAC) — a provider of automotive protection products — announced this week it will be acquired by private equity firm Lovell Minnick Partners (LMP).

The acquisition is subject to receipt of standard regulatory approvals and satisfaction of customary closing conditions. The executive leadership team at NAC will continue its day-to-day management of the company, and it will maintain operations at its current locations in Westerville, Ohio, Ponte Vedra Beach and Miami. Company President and CEO Tony Wanderon is looking forward to the growth and opportunities NAC’s partnership with LMP will bring to NAC and its partners.

“LMP has strong experience investing in service-oriented businesses across the finance and insurance value chain that will prove invaluable as NAC builds upon our flexible and customized solutions to support our agency distributor partners in driving sales and profitability,” Wanderon said. “We believe LMP’s expertise in identifying and negotiating strategic transactions will add significant value to our acquisition strategy.”

While Wanderon and his team are excited about the changes, he noted that NAC enjoyed five years of success under its previous majority investor, Trivest Partners, which acquired NAC in 2012.

NAC is one of the longest operating providers of products such as vehicle service contracts, guaranteed asset protection, limited warranty, tire, wheel and a full suite of ancillary protection products nationwide. Through its independent agents, NAC supports over 2,300 partners that distribute its products. These include automobile dealers, credit unions, financial services companies, recreational dealers and other strategic partners across North America. Additionally, the company enhances services that support its distributors with their branding, marketing and sales activities.

“NAC is the premier national market leader in developing innovative products that help protect consumers from a wide range of risks that can arise with vehicle or power sport ownership,” said Trevor Rich, a partner at LMP. “We look forward to partnering with President and CEO Tony Wanderon, who is an accomplished veteran and innovator in the automotive protection industry, and his experienced team at NAC, as our investment positions the company to aggressively pursue acquisitions that complement its strong growth trajectory.”

Houlihan Lokey served as financial advisor to NAC and Trivest, and Sandler O’Neil was advisor to LMP. Madison Capital Funding LLC and NewStar Financial, Inc. are providing debt financing for the transaction. The transaction is expected to close in the third quarter of 2018.