Apco Holdings LLC, the F&I provider that owns the EasyCare brand of RV service products, has acquired National Auto Care (NAC). The deal was finalized Jan. 3.
NAC is a provider of F&I products, administration, consulting services, training, and marketing support to the RV industry, among others.
After the deal finalized, Apco Holdings CEO Scot Eisenfelder stepped down. He will be replaced by former NAC CEO Tony Wanderon.
“We are excited by all the benefits that this acquisition brings to Apco,” said Finbarr O’Neill, executive chairman of Apco Holdings, LLC. “It completes our national footprint, expands our range of products for automobile and RV dealers, adds new segments like powersports, and strengthens our training and business development capabilities.”
Wanderon said the companies share similar operational philosophies.
“We are all committed to quality and excellence in everything we do,” he said, “most importantly taking care of customers, helping them optimize their dealer F&I operations while creating a workplace where our employees feel valued. I am confident that our future is bright.”
O’Neill said Eisenfelder created “immense value” for the organization and Apco Holdings looks forward to Wanderon’s leadership.
Apco’s and NAC’s shared expertise and complementary offerings will be leveraged to help dealers meet changing market needs, the company said, such as the continued emergence of digital retailing and EV sales.
Lovell Minnick Partners (LMP), a private-equity firm that bought NAC in 2020, said the sale marked a successful completion of their partnership. Since LMP’s acquisition, NAC acquired 21 companies.
“The acquisitions were part of the company’s strategic plan to develop a vertically integrated business model,” LMP said, “with administration and direct distribution capabilities that allow it to act as a ‘one-stop-shop’ for its dealership and financial partners.”
Wanderon said LMP’s resources and support were instrumental in helping the company differentiate itself in a competitive market.
“We are confident that by combining the platform we built with LMP with the deep experience and expertise of Apco,” he said, “we will create the leading F&I platform in the industry.”
Trevor Rich, a partner at LMP, said the company had a terrific partnership with NAC and took price in seeing NAC’s growth rate in a crowded market.
“NAC has become the acquirer of choice in the F&I market,” Rich said, “and the company’s growth story, coupled with its value prop, has attracted many F&I agents and administrators looking to find their next partner to accelerate growth.”
Founded in 1984 and based in Ponte Vedra Beach, Florida, NAC is known for its innovative approach to creating best-in-class warranty products covering vehicle service, guaranteed asset protection (GAP), and ancillary coverage contracts.
Piper Sandler & Co. and Schulte Roth & Zabel LLP advised LMP and NAC in connection with the transaction. Weil, Gotshal & Manges LLP advised APCO in connection with the transaction.
