Birmingham’s Protective Life Corporation on Friday announced that it has reached an agreement to acquire the Revolos family of companies.
Headquartered in Atlanta, Revolos is a diversified, full-service Finance & Insurance solutions provider with over 4.6 million vehicle service contracts sold. The company partners with over 3,000 dealers, agents and financial institutions nationwide.
This transaction, which is expected to close in the first quarter of 2021, reportedly provides the opportunity to grow market share and protect more customers by adding Revolos’ complementary product portfolio and distribution channels to Protective’s current business lines.
“Protective’s Asset Protection Division is an important—and growing—part of our business,” stated Rich Bielen, president and CEO of Protective.
“As we continue to navigate the uncertain situation posed by COVID-19, we remain focused on serving more customers,” he continued. “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.”
Birmingham-based Maynard, Cooper & Gale, P.C. acted as external legal counsel for Protective in this transaction.
“Protective is a well-known, respected and leading provider of finance and insurance (F&I) solutions to the markets we serve,” said Rich Holland, CEO of Revolos. “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 over 55 years.
“Revolos has built a strong organization with a focus on meeting the needs of agents, dealers and financial institutions,” added Scott Karchunas, president of Protective Asset Protection. “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.”
Protective is a wholly-owned subsidiary of Dai-ichi Life Holdings, Inc. When closed, this will mark the fifth transaction completed since Protective became part of Dai-ichi in 2015.
A release advised that Dai-ichi views Protective as its North American growth platform and continues to aim for further expansion in the region, through both acquisitions and organic growth. Protective last year closed its largest acquisition in company history.
Sean Ross is the editor of Yellowhammer News. You can follow him on Twitter @sean_yhn