Protective Life Corp., a U.S. subsidiary of Dai-ichi Life Holdings, Inc. has reached an agreement to acquire the Revolos family of companies.
“Protective’s Asset Protection Division is an important—and growing—part of our business,” said Protective President and CEO Rich Bielen. “As we continue to navigate the uncertain situation posed by COVID-19, we remain focused on serving more customers. This transaction aligns well with our plans to build on our strong foundation and protect more people in the future by growing both organically and through acquisitions.”
Revolos CEO Rich Holland added, “Protective is a well-known, respected and leading provider of finance and insurance (F&I) solutions to the markets we serve. Becoming part of the Protective family is an exciting step on our company’s journey, and we look forward to the benefits this opportunity will provide our team members, partners and customers.”
Protective Asset Protection has been providing F&I solutions to the automotive industry for more than 55 years. Its programs include extended service contracts, guaranteed asset protection (GAP), and ancillary products to protect consumers’ investments in RVs, automobiles, watercraft and powersports vehicles. Protective Asset Protection also offers a portfolio of dealer participation programs, training and technology solutions through a network of general agents as well as a direct sales force.
Revolos is a diversified, full-service F&I provider that offers a suite of products that complement Protective’s existing portfolio and distribution channels.
“Revolos has built a strong organization with a focus on meeting the needs of agents, dealers and financial institutions,” Protective Asset Protection President Scott Karchunas said. “We are excited about the opportunity to grow market share and protect more customers by adding Revolos’ complementary product portfolio and distribution channels to our current business lines.”
The transaction when closed will represent Protective’s 58th acquisition. It will be the fifth transaction completed since Protective became part of Dai-ichi Holdings in 2015. Dai-ichi has more than $548 billion in total assets and considers Protective to be its North American growth platform. The company said it will continue U.S. expansion through acquisitions and organic growth in coming years.
Subject to the receipt of regulatory approvals and satisfaction of customary closing conditions, the acquisition closing is expected to occur in the first quarter, 2021.
Maynard, Cooper & Gale, P.C. acted as external legal counsel for Protective in this transaction. Reed Smith LLP acted as external legal counsel for Revolos in this transaction. Houlihan Lokey acted as Financial Advisor to Revolos in the transaction.
