NORCROSS, GA, Nov. 17, 2015 (GLOBE NEWSWIRE) -- APCO Holdings, Inc. (APCO), a leading marketer and administrator of vehicle service contracts (VSCs) sold by franchised and independent auto dealers throughout the U.S., today announced that it has entered into a definitive agreement for a majority stake of the company to be acquired by Ontario Teachers' Pension Plan (Ontario Teachers'). Following the transaction, certain of APCO's shareholders, including the company's senior management and funds managed by Stone Point Capital LLC, will remain shareholders in the business. The transaction, which is subject to customary closing conditions, is expected to close in December. APCO will continue to be operated as a separate business operation with the current management team remaining in place.
"We want to thank Stone Point Capital for their partnership over the past years. We have been very fortunate to have had the opportunity to be with them and learn from their world class organization. We also appreciate their continued vote of confidence as they remain a significant investor in APCO's future," said Larry Dorfman, Chief Executive Officer of APCO. "Our future partnership with Ontario Teachers' is an exciting new chapter for APCO and our market leading brands: EasyCare and GWC. Ontario Teachers' will be a valuable resource for capital and collaboration to APCO as we continue to grow our business and fulfill our mission to transform the dealership experience."
"APCO has an attractive and diversified business model and is well positioned to benefit from favorable dynamics in its industry," said Jane Rowe, Ontario Teachers' Senior Vice-President, Private Capital. "We look forward to supporting the strong management team that has proven its ability to grow the business organically and through acquisitions."
"We have enjoyed a terrific partnership with the APCO team over the past eight years. We have worked with the company to complete several acquisitions, including the 2013 acquisition of GWC Warranty Corporation, which significantly increased APCO's scale, diversified its product offerings and added management depth. We want to thank Larry Dorfman, John Lee, Rob Glander and the rest of the APCO team for their leadership. We look forward to participating in the company's continued success with our partners at Ontario Teachers'," said Chuck Davis, Chief Executive Officer of Stone Point.
About APCO Holdings, Inc. (APCO)
APCO, established in 1984, is a leading marketer and administrator of extended vehicle service contracts, warranties and other related products sold primarily by automobile dealers located throughout the United States. APCO has expanded its offerings over the last decade to include market leading video e-mail and service customer CRM technology, as well as leading edge training for dealership sales and finance teams. The company markets its products using the EasyCare and GWC brands, as well as other private label automobile manufacturer brands, through a network of independent agents and an internal salesforce that specialize in consulting with and servicing the automotive dealership markets. EasyCare and GWC Warranty are the only "Motor Trend Recommended Best Buy" brands in the automotive aftermarket. For further information about APCO, see www.gwcwarranty.com and www.easycare.com.
About Ontario Teachers' Pension Plan
Ontario Teachers' Pension Plan (Ontario Teachers') is Canada's largest single-profession pension plan, with $154.5 billion in net assets at December 31, 2014. It holds a diverse global portfolio of assets, 80% of which is managed in-house, and has earned an annualized rate of return of 10.2% since the plan's founding in 1990. Ontario Teachers' is an independent organization headquartered in Toronto. Its Asia-Pacific region office is located in Hong Kong and its Europe, Middle East and Africa region office is in London. The plan, which is fully funded, invests and administers the pensions of 311,000 active and retired teachers in the province of Ontario. For more information, visit otpp.com and follow us on Twitter @OtppInfo.
About Stone Point Capital LLC
Stone Point Capital LLC is a financial services-focused private equity firm based in Greenwich, CT. The firm has raised six private equity funds – the Trident Funds – with aggregate committed capital of approximately $13 billion. In addition to the capital invested by the Trident Funds, Stone Point has secured approximately $7 billion of equity co-investments since 2001. Stone Point targets investments in the global financial services industry, including investments in companies that provide outsourced services to financial institutions, banks and depository institutions, asset management firms, insurance and reinsurance companies, insurance distribution and other insurance-related businesses, specialty lending and other credit opportunities, mortgage services companies and employee benefits and healthcare companies. For additional information about Stone Point, please visit Stone Point's website at www.stonepoint.com.
VP and General Counsel
APCO Holdings, Inc.
CONTACT: Ashley Braswell Director of PR & Communications APCO Holdings, Inc. firstname.lastname@example.org 678-615-1142
Source: EasyCare (Formerly APCO)