Portfolio Holding secures new private equity owner

Boston-based private equity firm Abry Partners is acquiring Portfolio Holding from Capital Z Partners, a New York-based private equity firm, becoming its third and largest private equity owner since 2012.

Based in Lake Forest, CA, with operations in Dallas, TX, Portfolio provides finance and insurance products and services to automotive dealers across the US. This includes vehicle service contracts, GAP insurance, and ancillary products. Its specialty is managing affiliated reinsurance companies for dealership owners.

Portfolio also administers warranty programs for other markets.  Brent Griggs, president and CEO of Portfolio, said the company was focused on leveraging its reinsurance and administrative expertise in autos and other markets.

All of Portfolio's current management team will remain in their roles and retain significant equity ownership. The transaction is subject to normal and customary closing conditions.  Terms of the transaction were not disclosed.

Brent Stone, a senior partner at Abry, said: "We have been impressed by Portfolio's growth with consistent profitability over the years in a very competitive industry, as well as the quality of their home office and sales leadership in the field. The Portfolio team is a perfect example of the kind of company we invest in - motivated owners and executives who want to grow."

Brad Cooper, managing partner of Capital Z, said Portfolio had exceeded the company’s expectations.  “Abry is buying a terrific company and will be the perfect partner for management to continue the company's growth and success."

Houlihan Lokey served as the exclusive financial advisor to Portfolio and assisted in structuring and negotiating the transaction.