Protective Life Corp., a subsidiary of Dai-ichi Life Holdings Inc., has completed its acquisition of the Revolos family of companies. Revolos offers finance and insurance products, including vehicle service contracts, guaranteed asset protection coverage and ancillary products serving the automotive, recreational vehicle and powersports industries.
“The closing of this transaction marks another milestone for Protective and an exciting new chapter in the growth of the Asset Protection Division,” said Richard Bielen, Protective president and CEO. “We are excited about the opportunity to expand our market reach and deliver valuable solutions to more customers by adding Revolos’ complementary product portfolio and distribution channels to our current business lines.”
Protective’s Asset Protection has been providing the automotive industry with products for more than 55 years. It offers a wide array of products for customers, as well as programs for dealers.
Initially announced in late September, 2020, Revolos marks Protective’s 58th acquisition and its fifth acquisition completed since it became a part of Dai-ichi in 2015. According to a company release, Dai-ichi considers Protective its North American growth platform and continues to aim for further expansion in the region, both through acquisition and organic growth in Protective’s retail sales.
Maynard, Cooper & Gale PC acted as external legal counsel for Protective in this transaction, while Reed Smith LLP acted as external legal counsel for Revolos. Houlihan Lokey acted as financial advisor to Revolos.
In October, 2020, Protective announced that it would be streamlining the company into three core sites, the greater Cincinnati area, Birmingham and St. Louis. Forty percent of its workers are now working virtually. At the time, the company also announced the closing of six offices around the country over the next two years.
Protective Life Corp. was founded in 1907 and is headquartered in Birmingham with more than 3,000 employees working across the United States. As of September 30, 2020, the company had assets of approximately $125 billion.