StoneEagle F&I secures majority investment from Battery Ventures
StoneEagle F&I sees Battery Ventures as more than just a funding source.
The F&I provider for metrics reporting, menu sales tools and product administration solutions recently received a majority investment from the global technology-focused investment firm.
StoneEagle F&I chief executive officer Cindy Allen put it this way in a news release, saying, “In searching for the right growth investment partner, Battery stood out from many others we looked at. Their operator-oriented approach, investment strategy and values-based culture could not be a better fit for us.”
Since its founding more than 30 years ago, StoneEagle F&I emphasized that it seeks to understand the key habits that drive both dealers’ profitability and create positive experiences for consumers shopping for F&I products such as vehicle service contracts, guaranteed asset protection (GAP) plans and ancillary products like prepaid maintenance offerings, dent and ding protection and wheel and tire coverage.
The company’s technology suite — focused on sales, service and reporting technologies as well as third party administration solutions — touches most players in the F&I space, including dealerships, general agents, third-party administrators, OEMs and associated services providers.
StoneEagle F&I’s footprint provides everything customers and providers need to buy, protect and service vehicles throughout the entire vehicle ownership lifecycle.
The new investment with Battery will allow the company to continue developing superior products and create a new industry benchmark for high-integrity technology and services.
“Growth and innovation are in our DNA,” StoneEagle F&I founder and executive director Brent Allen said. “It is how we started 33 years ago and has led us many paradigm-shifting industry firsts. It continues to be our passion every day.
“Our partnership with Battery will allow us to take this mindset to a whole new level and continue our tradition of innovation,” Allen continued.
According to the announcement, there will be no change in the roles, responsibilities and day-to-day operations of the executive team. However, as a result of the acquisition, both Bobby Allen and David Trinder will pursue retirement.
Key leadership will remain in place, including Cindy Allen as CEO and Brent Allen as founder and executive director. Other management members are:
— Thomas Elliott, chief financial officer
— Kumar Kathinokkula, chief operating officer
— Chris Tynes, chief technology officer
— Buddy Rosenberg, vice president product innovation
— Jason Gillette, vice president of sales
“At Battery, we look for exceptional companies with solid track records and compelling visions,” said Russell Fleischer, a Battery general partner who is joining StoneEagle F&I’s board.
“We also look for top-notch executives and management teams we believe can turn vision into reality. That’s why we’re excited to work with the StoneEagle F&I team to help them take their company to the next level,” Fleischer continued.
“Our partnership will allow the company to continue pursuing organic growth as well as create a platform for pursuing acquisition opportunities,” he went on to say.
StoneEagle F&I was represented in the transaction by Stout Risius Ross Advisors.