Recent Press & Industry News
Budco Founder Reacquires Part of Former Company
This article was originally posted on 12/16/2012 on Crain’s Detroit Business by
Dustin Walsh. To view the original posting, click here.
When Bud Brian sold his Highland Park-based marketing and distribution-services company Budco in 2006, he thought he’d entered into the golden days of retirement.
But last month, Brian re-entered the market to purchase a portion of his former company, Budco Financial Services LLC, to capitalize on a “good deal”.
“I can only mow so much grass or play so much golf,” Brian said. “I know and understand business, and I didn’t want to open a coffee shop, so it was an opportunity for me to get back engaged in what I love to do: work with people and grow businesses.”
Brian, with Cleveland-based Evolution Capital Partners, last month acquired Budco Financial Services for $10 million from Toronto-based investment firm Beringer Capital.
The firm sells extended warranties to car buyers through a select group of Ford Motor Co. dealers. Brian said the company plans to expand next year within a large Ford dealer group, with intentions of expanding to other automakers.
Brian, chairman and CEO, hired Glenn Fontaine, former vice president at Budco, as Budco Financial Services’ president and COO; and Bill Henry, former president and CEO of Budco and former CEO of Stroh Brewing Co., as its CFO.
Brian founded Budco in 1981 as an outsource print and mail marketer for the then-Detroit 3, then added finance, accounting and logistics services with revenue reaching $130 million in 2011. Glencoe Capital Michigan LLC acquired the firm, minus the financial services arm, for $50 million to $75 million in 2011.
Brian said Budco Financial Services should generate revenue of $10 million in 2013 and employs 20.
< View All News