Genstar Capital, a San Francisco-based private equity firm, has acquired the Innovative Aftermarket Systems (IAS), a Texas-based marketer of vehicle protection products and related services sold through franchised automobile dealers.
IAS provides finance and insurance products and services which include anti-theft protection, tire and wheel coverage, windshield repair and replacement, key replacement, paintless dent repair and appearance protection systems.
Under the five-year underwriting deal, IAS will continue association with Assurant Solutions.
IAS president and CEO Bob Corbin will continue to lead the company as CEO.
Genstar vice president Eli Weiss said that the acquisition assists IAS management quality underwriting and customer service to drive growth both organically and through acquisitions.
Macquarie Capital acted as financial advisor to IAS while Ropes & Gray provided legal counsel to Genstar in the transaction.