United Automobile Holdings Secures $45M Growth Investment
Chicago-based investment firm Victory Park Capital announced that it recently made a $45m investment in Miami Gardens-based United Auto.
Founded in 1989, United Automobile Insurance Company is a provider of non-standard auto insurance products in the US, with a primary focus on serving various Florida and Texas markets. The company’s unique suite of capabilities come from its two operating subsidiaries, namely United Automobile Insurance Company (“UAIC”), a regulated property and casualty insurance carrier focused on the non-standard automobile market, and United Group Underwriters, Inc. (“UGU”), a managing general agency specializing in sourcing and underwriting non-standard auto insurance policies. The company’s products are primarily offered through a network of approximately 1,780 independent agencies and brokers.
VPC’s investment will be used to enhance United Auto’s balance sheet and support numerous growth initiatives in its core markets throughout Florida and Texas. This investment comes following a strategic repositioning of United Auto’s business and a renewed focus by the company on enhancing its leading position in Florida and Texas.
“With an impressive track record of success and an ability to really understand our business, Victory Park Capital was the clear choice for us. The firm was able to offer tremendous flexibility and developed a unique financing solution that will enable us to accelerate our growth plans while also achieving our numerous other business objectives. We look forward to working with the VPC team to strengthen our core business and continue growing our service capabilities” – founder and CEO of United Auto, Richard Parrillo.
As part of the transaction, Richard Levy, founder and CEO of VPC, and Charles Asfour, partner at VPC, have joined United Auto’s board of directors to help advise on strategic growth initiatives.
“With decades of industry-leading experience in non-standard auto insurance, a renewed focus on its core markets and a very strong balance sheet, we’re confident United Auto is well positioned to execute on its growth strategy. We couldn’t be more excited to partner with the United Auto team during this next chapter of growth” – Asfour.
Young America Capital served as United Auto’s financial advisor in connection with the transaction.
