Xlerate Group, a portfolio company of Huron Capital, has acquired Corry, Pennsylvania-based Corry Auto Dealers Exchange, a car auction site. No financial terms were disclosed.
Detroit, MI – March 13, 2017 – Huron Capital announced today that its portfolio company, XLerate Group (“XLerate”), has acquired Corry, Penn.-based Corry Auto Dealers Exchange (“CADE”). The deal marks the fifth add-on acquisition for XLerate in partnership with Huron Capital since May 2015.
Originally commencing operations in 1946, CADE has been owned and operated by the Swift family for the past 36 years. CADE services dealers and consignors in six states, and is XLerate’s first Pennsylvania-based auction. XLerate now has 18 auto auction sites under ten brands in California, Florida, Michigan, Pennsylvania, South Carolina, Texas and Wisconsin.
XLerate CEO Cam Hitchcock stated, “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. This move also significantly enhances our presence in the northeast region of the country.”
“The XLerate buy-and-build model continues to gather momentum,” said Matt Lacki, Huron Capital Vice President. “With five add-on acquisitions within the past 22 months, we are building a nationwide platform. We look forward to working with Cam and the XLerate team to pursue additional growth opportunities.”
About Huron Capital
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 $1.7 billion in capital through six committed private equity funds and invested in over 130 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 control and non-control 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 and specialty manufacturing. For more information, please visit www.huroncapital.com.
About XLerate Group
XLerate Group a leading nationwide auction and remarketing facilitation company. XLerate facilitates transactions between buyers and sellers at its Internet-enabled physical and private label remote sales in California, Texas, Florida, South Carolina, Michigan, Wisconsin and Pennsylvania. For more information, please visit www.xlerategroup.com.