Crestview Partners has bought Protect My Car, a Clearwater company that provides extended warranty products for vehicles.
Crestview, based in New York, partnered with members of Protect My Car’s management team on the acquisition.
Financial terms were not disclosed in a news releaseannouncing the deal.
Craig Rubino, who founded Protect My Car in 2007 and has been CEO since then, will continue as CEO and serve on the company’s board.
“Under Craig’s leadership, PMC has thrived in a competitive and customer-centric environment by providing high value-added service contract products for vehicle servicing and repairs,” Alex Binderow, a partner at Crestview, said in the release.
Protect My Car had $23.16 million in revenue in 2017, a nearly 120 percent increase from $10.5 million in revenue in 2015. The company ranked No. 19 on the Tampa Bay Business Journal’s 2018 List of fastest-growing companies. It was No. 663 on the Inc. 5000 list in 2017.
Protect My Car previously raised funding through several investment rounds. A Series A funding of $3 million closed in July 2013, a Series B funding of $4 million closed in September 2015 and a Series C round of $7 million closed in May 2017. Great White Shark Opportunity Fund, an investment fund founded by golfer Greg Norman and his partner, David Chessler, participated in all three of those rounds.
Crestview manages funds with more than $8 billion of aggregate capital commitments, and focuses on media, industrials, energy and financial services.
Sandler O'Neill + Partners was financial adviser to Crestview and Colonnade Securities was financial advisor to Protect My Car.