XLerate Group, a nationwide auction and remarketing facilitation provider and a portfolio company of Detroit-based Huron Capital Partners, has acquired Lubbock, Texas-based Lone Star Auto Auction. Terms of the deal, which marks the fourth add-on acquisition for XLerate in partnership with Huron Capital, were not disclosed.
Lone Star Auto Auction, which offers auto dealer-only registered vehicle sales, operates a seven-lane auction building that services a 350-mile radius area primarily in Texas, New Mexico, and Oklahoma, as well as Arizona.
Including Lone Star Auto Auction, XLerate, which facilitates transactions between buyers and sellers at its Internet-enabled physical and private label remote locations, has 17 auto auction sites in California, Florida, Michigan, South Carolina, Texas, and Wisconsin.
Company officials with XLerate say the new Lone Star Auto Auction acquisition will complement its existing sites in Dallas, Austin, and El Paso.
“We think XLerate’s strategy is attractive to operators who are looking to join a growing network of auto auctions in order to share best practices and benefit from our nationwide platform,” says Greer Love, vice president of Huron Capital.
Founded in 1999, Huron Capital has raised over $1.1 billion in capital through four committed private equity funds and invested in over 120 companies, and its portfolio companies have employed more than 11,000 people throughout North America. The company’s sector focus includes business services, consumer products and services, and specialty manufacturing.