AutoProtect’s founding management partners have sold a 50% interest in the business to their joint-venture partners Correlation Investments Limited (CIL).
CIL took a 50% investment in the warranties, service plans and paint protection specialist back in in 2004 but the desire of the majority shareholders of SHaW International Holdings Limited (SHaW) to retire from the business, along with the identification of significant growth opportunities and synergies within their wider motor portfolio, has prompted CIL to take full control.
While founding directors David Shapiro and Nick Wake have resigned from all their duties at AutoProtect, the remaining SHaW team members – Prakash Chandarana and Ernest Lacey – will continue in their current roles, led by the AutoProtect chief executive Wil Beaumont.
A spokesperson from SHaW said: “The success and growth of AutoProtect since its inception has led the company to reach a market leading position in the automobile industry.
“This achievement has been underpinned by the excellent working relationship established by CIL and SHaW over the years which created the environment that allowed AutoProtect’s abilities to be respected by its client base and the industry as a whole.
“SHaW has no doubt that Wil Beaumont and the talented team paired with the substantive shareholder support that CIL has and will continue to offer, ensures an exciting future in the development of AutoProtect”.
A spokesperson from CIL said: “SHaW has built an excellent business which has an award-winning product portfolio and one which we are proud to have worked with since 2004.
“We believe Wil and his executive team are well suited to spearhead our endeavours in unlocking opportunities in the ancillary motor market, and our further investment will help facilitate a strategic alignment of our wider motor portfolio.
“The changes will allow customers and policy holders to experience an ever-improving service offering, as AutoProtect undergoes the next stage of expansion.”