Business

GoAuto sells majority stake to private equity firm


Greg Tramontin, GoAuto president and CEO. (Collin Richie)

Milestone Partners, a Philadelphia-based non-public fairness company, has bought an 80% stake in GoAuto, a low cost auto insurer. 

Founder Greg Tramontin, acquainted from the corporate’s ads because the “GoAuto guy,” will keep on as CEO for an “undetermined amount of time,” he says, including that not one of the corporate’s roughly 350 staff in Louisiana, Ohio, Nevada and Texas will probably be let pass. 

In reality, he says the brand new homeowners plan to stay the GoAuto logo and enlarge the corporate’s footprint past the 4 states, which means that he’ll be searching for extra employees. 

“GoAuto’s proprietary software enables superior customer analytics and data-driven operations that have established them as a market leader,” Adam Curtin, a spouse at Milestone, says in a ready remark. 

Tramontin says the instrument used to be advanced together with his earlier corporate—USAgencies, which he bought in 2007and progressed for GoAuto after his two-year noncompete settlement ended and he began the brand new corporate. 

“We’re heavily automated,” he says. “That was the reason for acquiring us.” 

Tramontin says the deal that closed this week opened up over a “long, arduous” 15-month procedure. He says he’ll proceed to possess 11% of the corporate. 

GoAuto is the third-largest private auto insurer in Louisiana and is rising in Texas, Nevada and Ohio, Milestone says. 

In 2020, social media customers referred to as for a boycott of GoAuto after Tramontin referred to then-Vice President-elect Kamala Harris as a “hoe” in a Facebook submit. He later apologized, announcing he used to be “caught up in the deep political divide and the toxic rhetoric that this country has been living in for the past several years.”





Source hyperlink

Leave a Reply

Your email address will not be published.