Huron Capital Partners Recapitalizes Auto Remarketing Platform
Huron Acquires American Auto Auction Group, LLC
DETROIT, May 22, 2014-- Huron Capital Partners ("Huron") today announced the formation of an auto remarketing services platform and the simultaneous acquisition of American Auto Auction Group, LLC ("AAAG"). AAAG is a leading provider of dealer-to-dealer auction services with sites in South Carolina, Florida, Mississippi, Texas, California and Wisconsin.
In launching this buy-and-build initiative, Huron partnered with industry veteran Cam Hitchcock, who will join AAAG as CEO. Hitchcock is an experienced industry veteran having recently served as the Executive Chairman of Primeritus Financial Services and Partner at Elysian Advisors. Hitchcock has also served on the boards of two private equity-backed auction remarketing companies. Earlier, he was President and CEO-Dealer Services Group and Corporate CFO of ADESA, Inc.
Hitchcock said "I am honored and excited to partner with Huron and the AAAG senior management team. We have closely watched the dealer sale market segment over the last 24 months and believe that there are significant opportunities to better serve dealer consignors in many U.S. markets. Our objective is to provide AAAG's customers with highly responsive, tailored service offerings across multiple geographies. Huron has committed significant capital to enhance and scale this platform, and we look forward to deploying it."
Peter Mogk, Senior Partner at Huron, added: "Huron is very excited to partner with the AAAG family of auctions, their employees, and customers to continue building what we believe is the preeminent national auction group focused primarily on dealer to dealer sales. In the years to come, we intend to make a difference in the lives of people by investing in our team and the communities we serve. We know from experience that value-added customer service begins with equipping our people with the best facilities, training and career opportunities. We believe we have ample resources dedicated to build, grow and acquire auctions that embrace technology and ever-changing customer needs."
About Huron Capital Partners LLC
Huron Capital is an operationally-focused private equity firm that seeks to grow lower middle-market companies through customized buy-and-build investments. Huron pursues opportunities where it can help companies reach their full potential by combining its operational approach, substantial capital base and transaction experience with proven operating executives. Founded in 1999, Huron has raised over $1.1 billion in capital through four committed private equity funds and its portfolio companies have employed over 7,500 people throughout North America. With offices in Detroit and Toronto, Huron sponsors recapitalizations, family succession transactions, market-entry strategies, corporate carve-outs and management buyouts of companies having revenues up to $200 million. Huron has broad investment discretion and has invested in a variety of geographies and industry sectors. For more information, please visit www.huroncapital.com.
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