CINCINNATI — Security National Automotive Acceptance Corp. announced this week it 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 chief executive officer Brian McDonald will continue to lead the company under its new ownership.

In other company news, SNAAC also revealed it secured $450 million of senior debt financing to fund its growth plan over the next several years.

Formed in 1986 by Ted and Becky Catino, SNAAC celebrated its 25-year anniversary this month. The company works in specialty finance and has $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, insisted, "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, 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." 

McDonald, who joined the company in 2005, chimed in, saying, "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," he concluded.