The Warranty Group, one of the Forest of Dean’s biggest employers, has been sold to a global investment group in what is seen as a positive move for the future of the company and its employees.
The group, which employs 220 people at Vantage Point, Mitcheldean, is the world’s largest single-source provider of extended warranties for a variety of products and services including cars, consumer goods and the travel industry, to many household names.
Now The Warranty Group is being bought by TPG Capital, a leading global private investment firm based in Texas, from Canada-based Onex Corp, valuing The Warranty Group at just under £1 billion.
Ian Kenny, European operations director at The Warranty Group, pictured, said TPG had been interested in the company for a number of years.
“They are a very hands-on type of organisation and I believe that the only impact on our day-to-day operation in Mitcheldean will be a positive one,” said Mr Kenny.
TPG would bring the strength of its expertise and investment to The Warranty Group.
“Mitcheldean is seen as very much a model operation,” said Mr Kenny. “ They want to see what we do and evaluate it.
“This is an organisation that has wanted to work with us for years.
“They obviously like what we do and can bring something to the table.
“It can only be a positive for us.
“I think with TPG we are going to get a great deal of investment and knowledge to move us forward.”
The Warranty Group has operations in 35 countries and about 1,800 employees.
Eric Leathers, managing director at TPG, said: “As the worldwide leader in full service underwriting and administration of extended warranties, and with its unique business model, The Warranty Group is well positioned to take advantage of current and future market trends.”
TPG has £35.5 billion capital under management.
The Warranty Group moved its operations centre from London to the Forest of Dean in 2007 after looking at dozens of sites.
More than 90 per cent of its employees are recruited in the district and its staff retention levels are high.