DETROIT, May 11, 2016 /PRNewswire/ -- Huron Capital Partners LLC ("Huron Capital") announced today that its auto auction portfolio company, The XLerate Group, ("XLerate"), has acquired Grand Rapids Auto Auction ("GRAA"). This deal marks the second expansion in Michigan by XLerate, following its 2015 acquisition of Greater Kalamazoo Auto Auction.
In continuous operation since 1948, GRAA is now the seventh member of the XLerate Group (f/k/a American Auto Auction Group), which has an established group of auctions with physical and satellite sale operations in California, Texas, Florida, South Carolina, Wisconsin and Michigan. GRAA provides used vehicle remarketing services to national institutional and fleet/lease companies as well as dealer customers in Michigan, Illinois and Ohio.
XLerate CEO Cam Hitchcock stated, "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. Mark Capel and his team at GRAA have built a strong name and reputation, and we look forward to working with them to continue to grow the GRAA business."
"This is an important next step in XLerate's growth strategy," said Greer Love, Huron Capital Vice President. "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."
About Huron Capital Partners LLC
Based in Detroit, Huron Capital is an operationally-focused private equity firm with a long history of growing lower middle-market companies through our proprietary ExecFactor® buy-and-build investment model. We prefer complex situations where we can help companies reach their full potential by combining our operational approach, substantial capital base, and transaction experience with seasoned operating executives. Founded in 1999, Huron Capital has raised over $1.1 billion in capital through four committed private equity funds and invested in over 100 companies, and our portfolio companies have employed over 11,000 people throughout North America. The Huron Capital buy-and-build investment model includes equity recapitalizations, family succession transactions, market-entry strategies, corporate carve-outs, and management buyouts of companies having revenues up to $200 million. Huron Capital targets both majority and less-than-majority equity stakes in fundamentally-sound companies that can benefit from the firm's operational approach to creating value. Huron Capital's sector focus includes business services, consumer products & services, specialty manufacturing and healthcare. For more information, please visit www.huroncapital.com.
About XLerate Group
XLerate is a leading provider of dealer-to-dealer auto auction services within the used car remarketing industry. XLerate's auction sites facilitate the sale of vehicles from franchised dealers to independent used car dealers. Through 7 well-known, local auto auction brands that operate a total of 17 fixed and mobile sites across South Carolina, California, Texas, Michigan, Wisconsin, and Florida. To learn more, visit www.xlerategroup.com.
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SOURCE Huron Capital Partners LLC