Interstate National Launched as Powerhouse Holding Company

Apr 06, 2010, 09:08 ET from Interstate National Corporation

ATLANTA, April 6 /PRNewswire/ -- The formation of Interstate National, a portfolio company of Golden Gate Capital, was announced this week as an umbrella holding company to house a family of seven powerful industry-leading brands.

Interstate National Corporation (IN) is comprised of Interstate National Dealer Services, National Warranty Corporation / Payment Insured Plan, Inc., MBAC, Provida Group, RpmOne and INDS Canada.  "This umbrella company will offer an additional level of strength, stability and tenure plus a full suite of F&I products and services to our valued producers," CEO Shaun Fetherston said at the announcement.  "Our long-term goal is for this umbrella company to enhance each subsidiary's level of service, expertise and products," he added.

Interstate National Dealer Service (INDS) and INDS Canada are full-service, F&I product providers with a stronghold in the U.S. and Canada service contract sector targeting the automotive, RV, banking/financial and sport industries with a full range of "star" products including StarAuto, StarRV, StarSport & AutoGuard.  RpmOne is a national leader in service contract products for the sports sector while National Warranty Corporation is a stronghold in the Northwest U.S. leading the automotive industry in aggressive service contract products to both franchise and independent dealers.  Provida Group offers direct-to-consumer service contract products, and MBAC focuses on service contract product sales through banking and financial institution channels.

"Because of recent consolidations of such powerful and solid brands, we want to keep each of their names in the forefront.  An umbrella holding company is the best way to collectively bring power, strength and stability to our family of products," Fetherston concluded.

About Interstate National Corporation

With the combination of all seven brands, the newly formed Interstate National, headquartered in Atlanta, Georgia, offers producers 35-years of experience with nearly 3 million claims sold and $1 billion in paid claims to over 1.5 million customers.  In addition, the newly formed entity partners with over 3,000 producers in the U.S. and Canada and has distributed over one-quarter of a billion dollars in underwriting gains and re-investment income.

About Golden Gate Capital

Golden Gate Capital, headquartered in San Francisco, is a global private equity investment firm with approximately $9.0 billion of capital under management. Investors include leading educational endowments, non-profit foundations, and selected financial institutions, entrepreneurs and managers. The firm's charter is to invest in change-intensive and growth-oriented situations where there is a demonstrable opportunity to significantly enhance a company's value. The Principals of Golden Gate Capital have completed approximately 140 such transactions aggregating to over $19 billion in enterprise value across all major sectors of the economy. For more information, visit www.goldengatecap.com.

SOURCE Interstate National Corporation



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