Huron Capital Partners’ Portfolio Co. Acquires Grand Rapids Auto Auction

1377

Detroit-based private equity firm Huron Capital Partners LLC today announced its auto auction portfolio company, The XLerate Group, has acquired Grand Rapids Auto Auction. Terms of the deal were not disclosed.

“This is an important next step in XLerate's growth strategy,” says Greer Love, vice president of Huron Capital. “We have now completed two add-on acquisitions to the XLerate platform, and are actively reviewing several other opportunities that we believe would expand the XLerate footprint, introduce new customers, and grow market share.”

Love says Indianapolis-based XLerate provides dealer-to-dealer auction services within the used car industry. Besides Michigan, XLerate's auction sites facilitate the sale of vehicles from franchised dealers to independent used car dealers at nearly 20 sites in South Carolina, California, Texas, Wisconsin, and Florida.

“The Midwest market is an important part of XLerate's expansion plans, and the addition of GRAA will help grow our presence with institutional, fleet/lease, and dealer customers throughout the region and across our platform,” says Cam Hitchcock, CEO of XLerate.

GRAA, founded in 1948, is the seventh member of the XLerate Group.

IN RELATED NEWS, Huron Capital and Duchossois Capital Management have acquired a majority ownership position in Wisconsin-based Systems Inc., a manufacturer of hydraulic and mechanical loading dock leveling equipment. Terms of the deal were not disclosed.

“As a full-service loading dock solutions provider with a broad product offering, we see Systems Inc. as being well-positioned in its niche,” says Mike Beauregard, senior partner at Huron Capital. “We think there's a great opportunity to build on the company's success, infuse it with technology applications, and drive a business development engine.”

Systems Inc., founded in 1961, manufactures pneumatic, truck restraints, and specialty dock equipment, sold under the brand names Poweramp, DLM, and McGuire. The company operates facilities in Wisconsin and Arkansas.

Huron Capital, founded in 1999, has raised more than $1.1 billion in capital through four private equity funds and invested in more than 100 companies. 

Facebook Comments