Summit Park Recapitalizes Leading Provider of Vehicle Service Contracts
Summit Park is pleased to announce the recapitalization of C.A.R.S. Protection Plus ("CARS" or the "Company"), a leading provider of vehicle service contracts ("VSC").
Founded in 1998, CARS sells VSCs through a network of over 10,000 car dealerships in 34 states. The Company specializes in the high mileage, used car segment of the VSC industry and has grown through increases in its dealer base and geographic expansion. CARS is headquartered outside of Pittsburgh, Pennsylvania.
"We are very excited to partner with the leadership team at CARS. We look forward to working together with them to build on the Company's historical success," said Bob Calton, Managing Partner at Summit Park. Mike Tedesco, founder of CARS, added, "Summit Park is an excellent fit for CARS, and our partnership with them allows us to accelerate our growth plans."
The transaction marks Summit Park's third investment in its second fund, Summit Park II. Stellus Capital Management, LLC provided the debt financing for the transaction, and CARS was represented by Confluence Advisors, a Pittsburgh-based investment banking firm. For more information please contact Rachel Hannon, (704) 654-3400 x240, at Summit Park.
About Summit Park
Summit Park is a Charlotte, North Carolina-based private investment firm focused exclusively on the lower middle market. The firm invests across a wide range of industries, including business services, outsourced services, light manufacturing and distribution. Summit Park targets businesses with revenue between $20 and $100 million and located in the Mid-South, Mid-Atlantic and Southeastern regions of the United States. The firm's capital can be used to facilitate a change in ownership, to support expansion and growth, to provide partial liquidity to existing owners, or to support an industry consolidation plan. For more information, visit www.summitparkllc.com.
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