Ford Motor Co. announced Friday that it will sell its wholly-owned subsidiary, Automobile Protection Corp. (APCO), to Trident IV, L.P., a private equity fund managed by Stone Point Capital LLC.
This transaction is the result of Ford's review of strategic options for its business announced by the company in October 2006.
Financial terms have not been disclosed and the sale is scheduled to be completed in the second quarter of 2007.
APCO, a provider of vehicle service contracts and related after-market products, was purchased by Ford in July 1999.
Stone Point Capital, headquartered in Greenwich, Conn., manages the Trident Funds and has raised more than $8 billion in committed capital to make investments in the global insurance and financial services industries.