CINCINNATI – Security National Automotive Acceptance Corporation (SNAAC) announced today that it has closed on the sale of the company and its TriStar insurance affiliates to a group of private investors. The existing senior management team, headed by President and CEO Brian McDonald, will continue to lead the company under its new ownership. The company also announced it has secured $450 million of senior debt financing to fund its growth plan over the next several years.
SNAAC was formed in 1986 by Ted and Becky Catino and celebrated its 25-year anniversary this month. SNAAC is a leading national specialty finance company, with $280 million in finance receivables and a broad line of products operating under the TriStar brand. TriStar offers a full line of vehicle service contracts, insurance products, and roadside assistance products.
Management has worked closely with the Catinos to execute a variety of strategic initiatives. Ted Catino, co-founder and former co-CEO of SNAAC, said, “We were very supportive of our management team’s long-term goals for SNAAC. Our team has exceeded our expectations with regard to SNAAC’s market position.” Becky Catino, co-founder and former co-CEO of SNAAC, added, “This transaction aligns our management team with partners who can deliver the resources to support them in their future growth. We are pleased to provide a bright future to our talented and dedicated associates.”
Brian McDonald, who joined the company in 2005, stated, “We look forward to continuing to build our organization and execute our strategic plan. Our company has enjoyed enormous success over the past few years, despite the difficult economic environment. With this substantial new capital commitment, we are excited about our company’s future.”
About SNAAC
Security National Automotive Acceptance Corporation (SNAAC) was established in 1986 as a specialty finance company that purchases and services retail sales finance contracts acquired from auto dealers in the sale of new and used automobiles to military personnel. Today, the company operates in 30 states and employs 125 people at their Mason, Ohio facility. For more information on SNAAC products and services, visit www.snaac.com.
