NEW YORK, Dec. 16, 2020 /PRNewswire/ — Spectrum Automotive Holdings Corp. (“Spectrum”), a leading agent, marketer and administrator of finance and insurance (“F&I”) products for the U.S. automotive market, today announced the acquisition of CalTex Protective Coatings (“CalTex” or the “Company”), the largest manufacturer and provider of automotive appearance protection products in the U.S. Terms of the transaction were not disclosed.
Since its founding in 1983, CalTex has become a leading administrator of automotive F&I products with one of the most extensive distribution networks in the industry, selling through nearly 4,000 franchise dealerships nationwide. A trusted partner to its diverse customer base, CalTex delivers superior protection to consumers through its broad suite of F&I offerings, which include not only appearance products, but also dent repair, windshield, disinfectant and body protection offerings.
Spectrum, which was acquired by Cornell Capital, a private investment firm, in September 2019, is the sole automotive F&I company in the industry providing a full suite of proprietary and third-party extended warranty and ancillary products to dealership, administrator and original equipment manufacturer partners. Spectrum will invest behind CalTex’s established brand, quality products and strong management team to deliver increased value to all of Spectrum’s customers.
“We look forward to partnering with Spectrum and working with the team at Cornell Capital to further accelerate CalTex’s growth and industry leadership,” said Rande Hawkinson, President and COO of CalTex. “This announcement is a testament to the hard work and dedication of our team over the past 35 years and I am confident that together with Spectrum we will continue to build on our long legacy of product innovation and customer satisfaction.”
Colonnade Advisors LLC acted as exclusive financial advisor to CalTex. The transaction closed May 6, 2020.
About Spectrum Automotive Holdings Corp.
Spectrum is a leading agent, marketer and administrator of finance and insurance (“F&I”) products for the U.S. automotive market. It is one of the largest automotive F&I providers in the U.S., offering a full suite of proprietary and third-party extended warranty and ancillary products to its dealership, administrator and original equipment manufacturer partners. For more information, visit www.spectrumautoholdings.com.
About CalTex Protective Coatings
Based in Schertz, Texas, CalTex Protective Coatings is a premier provider and administrator of interior and exterior appearance protection products sold through thousands of automotive dealerships nationwide. Founded in 1983, the Company offers a full range of cutting-edge products that are specifically engineered to provide dealers and agents the best products to meet their customers’ needs. For more information, visit www.caltexus.com.
About Cornell Capital
Cornell Capital LLC is a U.S.-based private investment firm with over $4.0 billion of AUM and offices in New York and Hong Kong. Partnering with strong, entrepreneurial management teams, the firm takes a value-oriented approach to investing across the consumer, financial and industrial sectors. Founder and Senior Partner Henry Cornell, who served as the Vice Chairman of Goldman Sachs’ Merchant Banking Division prior to founding Cornell Capital in 2013, leads a highly-seasoned senior leadership team with decades of shared investing experience. For more information, visit www.cornellcapllc.com.