Non-public fairness agency Milestone Companions has bought low-cost auto insurer GoAuto together with its affiliated know-how platform, Adaptive Info Applied sciences (AIT).
Monetary phrases of the transaction weren’t shared.
Milestone now intends to include environmental, social and governance and variety, fairness and inclusion insurance policies at GoAuto.
Concurrently, Milestone additionally introduced the launch of Drive Assurance Holdings, a specialty auto insurance coverage holding firm.
GoAuto has operations in Louisiana, Texas, Nevada and Ohio within the US.
Arrange in 2009, the tech-focused platform distributes insurance policies on to shoppers by way of the net channel in addition to through 70 captive storefronts.
Milestone companion Adam Curtin mentioned: “GoAuto’s proprietary software program allows superior buyer analytics and data-driven operations which have established them as a market chief. We sit up for working with the administration group on executing their strategic initiatives.”
GoAuto CEO and founder Greg Tramontin mentioned: “We’re excited to companion with Milestone throughout this subsequent stage of development.
“Given their focused sector give attention to monetary know-how corporations and strong expertise in automotive monetary companies, we’re assured that collectively we are going to proceed to supply best-in-class car safety merchandise and customer support to our valued policyholders.”
All GoAuto staff will likely be retained, with Tramontin to proceed in his present position for now. The agency’s present model may also be retained.
Drive Assurance secured a senior credit score facility from Everberg Capital, Summit Companions Credit score Advisors, LBC Credit score Companions, Principal Various Credit score and FS Investments for the deal.
Troutman Pepper served as authorized adviser to Milestone and Drive Assurance. For GoAuto, Butler Snow was the authorized adviser whereas Piper Sandler was the monetary adviser.