National Automotive Experts/NWAN has completed its sale to California-based Portfolio. The deal, announced in March, brings together two leading companies in the finance and insurance products market for the automotive industry.
“Our complementary footprints and offerings were apparent from the outset," NAE/NWAN founder and CEO Kelly Price said in a statement. "We could not have found a better partner. Both companies have been made stronger by our union and we look forward to writing our next chapter together."
Portfolio CEO Brent Griggs noted the challenges of closing the deal in the current climate.
“The pandemic has affected every aspect of our operations," Griggs said. "However, our shared interest in protecting and supporting our dealers, distribution partners and end customers has not wavered. The fact that we prevailed through numerous additional hurdles on our way to closing is a testament to our determination to make this transaction happen from our very first discussions with NAE and our shared goal of creating the leading F&I provider in the country."
The deal was facilitated by Abry Partners, the Boston-based private equity firm that bought a majority stake in Portfolio in 2019. Houlihan Lokey advised NAE/NWAN. Kirkland & Ellis served as legal advisor.
