March 5, 2007
Ford sells Automobile Protection Corp. to private fund
Dearborn, Michigan – The Ford Motor Company said Friday it will sell a subsidiary that offers vehicle service contracts and related dealer products to a private equity fund. Ford’s Automobile Protection Corp (APCO) is being sold to Trident IV LP, a private equity fund managed by Stone Point Capital LLC of Greenwich, Connecticut.
Ford said the sale is the result of its review of strategic options for the business announced in October. The deal is expected to close during the second quarter of 2007, subject to regulatory approvals and other conditions. Terms and conditions were not disclosed. Ford bought APCO, which offers service contracts and products to dealers of all makes and models, in 1999.