Detroit-based private equity firm Huron Capital Partners today announced that its portfolio company, XLerate Group has acquired Corry, Penn.-based Corry Auto Dealers Exchange. The deal marks the fifth add-on acquisition for XLerate in partnership with Huron Capital since May 2015.
Established in 1946, CADE has been owned and operated by the Swift family for the past 36 years, servicing dealers and consignors in six states. The company is XLerate’s first Pennsylvania-based auction, bringing their total to 18 auto auction sites under 10 brands in California, Florida, Michigan, Pennsylvania, South Carolina, Texas, and Wisconsin.
“CADE is the latest step in XLerate’s plan to grow our business, footprint and service offerings by acquiring high-quality independent organizations with strong operating management,” says Cam Hitchcock, XLerate’s CEO. “This move also significantly enhances our presence in the northeast region of the country.”
XLerate is a national auction and remarketing facilitation company, managing transactions between buyers and sellers at its Internet-enabled physical and private label remote sales.
Matt Lacki, vice president of Huron Capital, adds that achieving five acquisitions in 22 months has given XLerate “a lot of momentum,” as they work towards building a national platform.