XLerate Group, the nationwide auction and remarketing facilitation platform of Huron Capital, a lower-middle-market private equity firm in downtown Detroit, on Monday acquired two entities, Southeastern Auto Auction and Morton Auto Auction. Terms of the transactions were not disclosed.
Southeastern Auto Auction is the XLerate Group’s second regional acquisition in the South Carolina/Georgia corridor and is reported to be highly respected by both dealers and fleet/lease consignors.
“Acquiring SEAA is the latest step in XLerate’s strategy to grow our business, footprint and service offerings by adding SEAA’s high-quality independent sales with strong operating management,” says Cam Hitchcock, CEO of XLerate.
SEAA services dealers and consignors in Georgia, South Carolina, and Florida. SEAA also conducts a weekly public sale.
Illinois-based Morton Auto Auction was founded in 1978 and has been owned and operated by the Krupa family since 2006. It also is said to be highly regarded by both dealers and fleet/lease consignors.
“Adding MAA to the XLerate family helps solidify our Midwest footprint and adds another highly respected independent operator to our management team,” says Hitchcock. “We have stayed the course with XLerate’s long-term strategy to grow our business, footprint and service offerings by acquiring companies with high-quality independent sales and strong operating management.”
Huron Capital formed XLerate to pursue a buy-and-build strategy in the auction industry. Under Huron Capital’s ExecFactor investment model, XLerate has continued to grow; and now operates under 12 auction brands with fixed auction sites in California, Florida, Illinois, Michigan, Pennsylvania, South Carolina, Texas, and Wisconsin.