Private equity firm Abry Partners announced that its portfolio company, Portfolio Holding, Inc., has entered into an agreement to be acquired by Protective Life Insurance Company, the principal subsidiary of Protective Life Corporation, a wholly owned U.S. subsidiary of Dai-ichi Life Holdings, Inc.
Founded in 1990 and headquartered in Lake Forest, California, with offices in Dallas and Cleveland, Portfolio provides reinsurance management services and finance and insurance (F&I) products for dealers nationwide. With approximately 450 employees and a national, multi-channel distribution network, the company serves millions of in-force customers through vehicle service contracts, GAP coverage, and a broad range of ancillary products.
Jeremy Lux, CEO of Portfolio, said, “Portfolio’s partnership with Abry has been transformational for our business and customers.
“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 has more than tripled its revenue through organic growth and strategic acquisitions while broadening its product offerings and strengthening its technology capabilities. During that period, the company completed 17 acquisitions of F&I administrators and agents.
“Portfolio exemplifies the type of market-leading organisations 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.”
Kirkland & Ellis served as legal counsel for Portfolio and Abry, while Jefferies LLC acted as financial advisor.
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