Middle-market private equity company Gemspring Capital has completed its investment in Fiesta Insurance Franchise, a company focused in the markets for non-standard auto insurance and tax preparation services.
Fiesta targets traditionally underserved Hispanic communities by empowering ‘Latinos serving Latinos’ through its franchise business model.
The Company has over 70 franchisees operating approximately 200 retail stores in 9 states and was the highest ranked insurance franchising opportunity on Entrepreneur’s 2018 Franchise 500 list.
Fiesta has grown rapidly as a result of the value it delivers to both franchisees and the over 50 insurance carriers and MGAs with whom it partners.
The Company has been founder-owned and operated since inception and continues to be led by its CEO, John Rost.
John Rost said: “I, along with my team at Fiesta, am excited to partner with Gemspring. Their deep knowledge of the insurance industry, as well as retail and franchising, was unique and perfectly suited to Fiesta. With Gemspring’s support, I look forward to continuing our strong history of growth.”
Gemspring managing director Jon Altman said: “Fiesta has established a strong position in Latino communities throughout the country and has proven an important partner to its franchisees. By offering a compelling business opportunity for entrepreneurs Fiesta has consistently added new franchisees and new locations. We believe Fiesta can build on its solid foundation and are eager to support John and his team in the next stage of the Company’s development.”
Source: Company Press Release