McGuireWoods Advises Summit Park in Sale of C.A.R.S. Protection Plus to Spectrum Automotive

October 9, 2020

McGuireWoods represented Charlotte, North Carolina-based private investment firm Summit Park and its portfolio company, C.A.R.S. Protection Plus, in the sale of C.A.R.S. to Spectrum Automotive, a portfolio company of Cornell Capital.

C.A.R.S., headquartered in Murrysville, Pennsylvania, is a leading provider of vehicle service contracts to independent and franchise dealerships throughout the United States. McGuireWoods previously advised Summit Park in the 2015 recapitalization of C.A.R.S., which enabled the company to expand into all 50 states, introduce new products and develop partnerships with national sales agencies.

Charlotte partner H. Ramsey White III led the McGuireWoods deal team, which included Richmond partner Jon Neal and Charlotte associate Rosemary Chandler. The transaction marks Summit Park’s third successful exit from its Summit Park II fund. McGuireWoods advised Summit Park on all three deals.

“We were pleased to assist Summit Park in completing this transaction and look forward to continuing our longstanding relationship,” White said. 

McGuireWoods consistently ranks among the leading law firms for U.S. and global M&A deals, including private equity transactions. The firm earned top five rankings for U.S. deal count and top 10 rankings for global deals in the first half of 2020 in league tables published by Refinitiv and Bloomberg.