Genstar Capital Announces Acquisition of 2-10 Home Buyers Warranty
Strong Platform Combined with Genstar's Resources and Insurance Industry Expertise to Drive Meaningful Growth
SAN FRANCISCO, Nov. 1, 2018 /PRNewswire/ -- Genstar Capital, a leading private equity firm focused on investments in targeted segments of the financial services, software, industrial technology, and healthcare industries, today announced the acquisition of 2-10 Home Buyers Warranty (2-10 HBW), a provider of home warranty products to homeowners and new home builders.
2-10 HBW offers two warranty products: Home Service Contracts and New Home Structural Warranties. The Home Service Contract (home warranty) covers the cost of repair or replacement on major home systems and appliances, sold to homeowners through a network of real estate partners at the point of transaction and a rapidly growing direct-to-consumer channel. The New Home Structural Warranty is an insurance-backed warranty and provides the homeowner 10 years of coverage for structural failures while transferring the home builder's legal obligation to repair structural issues. With a national footprint, 2-10 HBW actively covers homes in 48 states across the United States, making the Company the #1 provider of new home structural warranties and #2 independent provider of home service contracts. 2-10 HBW headquarters are in Aurora, CO.
Ryan Clark, President and Managing Director at Genstar said, "2-10 HBW has built a great competitive position in its core markets and we are very excited to invest in growing this business whose products are highly valued in the marketplace by builders, consumers, real estate professionals and contractors. We are excited to enable the management team with growth capital to invest in new marketing channels and explore strategic acquisitions that will broaden the company's distribution footprint."
Scott Cromie, Chief Executive Officer of 2-10 HBW, said, "We look forward to our partnership with Genstar whose professionals have extensive experience in the insurance sector. Our strong industry platform combined with the full support and resources of our new partners will enable us to activate quickly a number of levers to help drive growth. We are unified in our strategy that will allow us to add real estate and builder partners, expand into new geographies with targeted acquisitions, and enter the direct-to-consumer market which represents a new and rapidly growing channel."
About 2-10 Home Buyers Warranty
For over 38 years, 2-10 Home Buyers Warranty has been a market leader in helping people protect one of life's biggest investments with new construction structural warranties and systems and appliances coverage for new and existing homes. Founded and based in Colorado, 2-10 Home Buyers Warranty has covered over 5.8 million homes and partners with thousands of the nation's finest real estate professionals, home builders and service contractors to help home buyers, sellers and owners to mitigate risk, save money and have protection from the unexpected. For more information, visit www.2-10.com.
About Genstar Capital
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $10 billion of assets under management and targets investments focused on targeted segments of the financial services, software, industrial technology, and healthcare industries.
Contact: Chris Tofalli
Chris Tofalli Public Relations
914-834-4334
SOURCE Genstar Capital
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