, a financial services provider, said its unit,
Lyndon Insurance Group
, agreed to buy the vehicle extended service contract business of Western General for $33 million in cash, plus contingent consideration based on future performance.
The transaction, which is expected to close in the third quarter, is subject to regulatory approval and other customary conditions to closing.
The acquisition includes about 90 employees primarily located in California. Western General's management team, including its president, Robert M. Ehrlich, will continue to manage and operate the business going forward.
"We are delighted to announce the acquisition of Western General," Protective Life said. "The transaction capitalizes on the relationship we established with Western General in 2003 to provide insurance backing their vehicle service contract programs and the success of that business relationship."
Calabasas, Calif.-based Western General is a provider of vehicle service contracts nationally, focusing primarily on the West Coast market.
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