Abry Partners Announces Sale of F&I and Dealer Reinsurance Leader Portfolio to Protective Life

Strategic transaction follows a six-year partnership and positions the combined business for continued growth

BOSTON--(BUSINESS WIRE)--Abry Partners (“Abry”), a Boston-based private equity firm, today announced that its portfolio company Portfolio Holding, Inc. (“Portfolio”) has reached an agreement to be acquired by Protective Life Insurance Company (“Protective Life”), the principal subsidiary of Protective Life Corporation (“Protective”), a wholly owned U.S. subsidiary of Dai-ichi Life Holdings, Inc. The transaction is expected to close by the end of the year, subject to regulatory approvals and customary closing conditions.

Founded in 1990 and headquartered in Lake Forest, California with offices in Dallas and Cleveland, Portfolio is a leading provider of reinsurance management services and finance and insurance (“F&I”) products for dealers nationwide. With approximately 450 employees and a national, multi-channel distribution network, Portfolio serves millions of in-force customers through vehicle service contracts, GAP coverage, and a broad range of ancillary products. Portfolio is an 18-time recipient of the Dealers' Choice Awards, reflecting its sustained excellence in service and dealer support.

"Portfolio’s partnership with Abry has been transformational for our business and customers," said Jeremy Lux, CEO of Portfolio. "We are thankful for the strategic guidance and operational support over the years that helped us build a stronger organization to support our dealers, agents, and employees. I'm incredibly proud of what we've accomplished together and looking forward to the continued growth of the business as part of the Protective platform."

Since Abry’s investment in 2019, Portfolio more than tripled revenue through a combination of growth and strategic acquisitions while broadening its product offerings and strengthening its technology capabilities. During that time Portfolio made 17 acquisitions of both F&I administrators and agents.

"Portfolio exemplifies the type of market-leading organizations we seek to partner with," said Christopher (Kip) Turco, a Partner at Abry Partners. "At our initial investment, Portfolio was already a known leader in dealer wealth and reinsurance solutions, and we saw the opportunity to further scale the business through strategic acquisitions, technology investments, and operational enhancements.”

David Coneway, a Principal at Abry Partners added, “We are confident this next chapter will unlock even greater opportunities for Portfolio to grow its reach and service offerings on behalf of its valued dealers and agents. We wish Portfolio continued success."

Portfolio and Abry were represented by Kirkland & Ellis as legal counsel. Jefferies LLC acted as their financial advisor.

About Portfolio

Founded in 1990, Portfolio’s primary business is turnkey reinsurance management of vehicle service contracts, warranties and other F&I products sold in the automotive dealership. Its top executives have specialized in reinsurance since the origination of the concept over 30 years ago. Portfolio is marketed to dealers through a nationwide network of professional independent agents and reinsurance specialists. The company also administers reinsured and non-reinsured warranty programs for other markets. Portfolio is headquartered in Lake Forest, CA with offices in Dallas, TX and Cleveland, OH. More can be learned about Portfolio at www.PortfolioReinsurance.com.

About Abry Partners

Abry Partners is one of the most experienced and successful sector-focused private equity investment firms in North America. Since its founding in 1989, the firm has completed over $90 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages $16 billion of assets across several fund strategies. More information about Abry Partners: www.abry.com.