LAKE FOREST, Calif. — Capital Z Partners Management announced it has acquired Portfolio Group Inc. from Frontenac Company LLC. The F&I product provider's current management team will retain their current roles and significant ownership, Portfolio Group stated.
“We enjoyed strong growth during Frontenac’s ownership as we’ve executed a number of key internal growth initiatives that expanded the company’s geographic footprint and dealership network, in addition to developing the support functions necessary to facilitate continued expansion,” said President and CEO Brent Griggs. “In Capital Z, we have found a future partner who will continue to support our strong growth, knows the insurance markets, and shares our strategic vision.”
Based in Dallas, Portfolio Group Inc. is an independent provider of F&I products and services to automotive dealers across the country. Its specialty is managing Affiliated Reinsurance Companies for dealership owners, according to the company. Additionally, the company develops, distributes and administers auto dealer extended warranty programs across a full-service product offering, including service contracts, GAP and ancillary products.
“We know the space well and believe Portfolio is one of the best platforms in the VSC industry. The strength of the management team, their vision for the future and unique business model make Portfolio well positioned to take advantage of current industry trends. Capital Z is pleased to have reached this agreement and we look forward to partnering with management to take advantage of the significant growth opportunities available," said Robert Spass, managing partner of Capital Z.
Terms of the transaction were not disclosed.
Originally posted on F&I and Showroom