American investment firm Abry Partners has reached an agreement to acquire Portfolio Holding from New York-based private equity firm Capital Z Partners.

Portfolio offers finance and insurance products and services to automotive dealers across the US. The services offered by the company include vehicle service contracts, GAP insurance and ancillary products.

Additionally, Portfolio specialises in managing affiliated reinsurance companies for dealership owners.

Based in Lake Forest, California, with operations in Dallas, Texas, Portfolio also administers warranty programmes for other markets.

Under the terms of the agreement, all of Portfolio’s current management team will continue to manage the firm in their existing roles. They will also maintain significant equity ownership.

Commenting on the deal, Portfolio president and CEO Brent Griggs said: “… Abry will be the third and largest private equity investor in the company since 2012. They are committed to helping us attain yet another record level of growth.

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“Abry Partners has a strong background in the financial services sector, and we have selected them as the next ideal partner for us.

“The Portfolio team is focused on expanding our footprint nationally in the automotive space and we have begun to leverage our reinsurance and administrative expertise in other markets as we pursue new opportunities to build the business.”

Brent Stone, a senior partner at Abry, stated: “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.”

Financial terms of the transaction were not disclosed.