XLerate Group, which is backed by Huron Capital, has acquired Savannah, Georgia-based Southeastern Auto Auction. No financial terms were disclosed.
DETROIT – January 14, 2019 – Leading lower-middle-market private equity firm Huron Capital announced today that its nationwide auction and remarketing facilitation platform, XLerate Group (“XLerate”), has acquired Southeastern Auto Auction (“SEAA”). SEAA is highly respected by both dealers and fleet/lease consignors and is the XLerate Group’s second regional acquisition in the South Carolina/Georgia corridor.
“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,” XLerate’s CEO Cam Hitchcock said. “Tommy Childs, Danny Williams and Wayne DeLoach started SEAA in 1987 and have successfully expanded it several times since.”
SEAA services dealers and consignors in Georgia, South Carolina and Florida. SEAA also conducts a weekly public sale. Former XLerate executive and current SEAA operator Bill McCready will run SEAA as general manager. Bill previously served as the assistant general manager of Charleston Auto Auction, an XLerate group member located about 100 miles from SEAA.
“SEAA’s customers and employees will be well served by the resources and depth of product offerings that come with being part of the XLerate Group,” McCready said. “I look forward to expanding SEAA’s base of business and continuing to drive its strategic growth.”
SEAA has dealer consignment, fleet/lease and financial institution sales each Wednesday at its Savannah, GA facility, as well as a weekly public sale on Thursday. The auction operates a four-lane arena and reconditioning facility on approximately 15 acres.
Huron Capital formed XLerate to pursue a buy-and-build strategy in the auto auction industry. Under Huron Capital’s ExecFactor® investment model, XLerate Group continues to grow; and now operates under twelve auction brands with sites in California, Florida, Georgia, Illinois, Michigan, Pennsylvania, South Carolina, Texas and Wisconsin.
“We are excited to welcome SEAA to our extensive network of auction houses and to the growing XLerate family,” Huron Capital Vice President Matthew Lacki said. “We believe our buy-and-build strategy and XLerate’s strong management team provide the company with the resources necessary to be an industry leader.”
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. Celebrating its twentieth anniversary in 2019, Huron Capital has raised over $1.8 billion in capital through six committed private equity funds and invested in over 150 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 industrials. For more information, please visit: www.huroncapital.com.
About The XLerate Group:
XLerate a leading nationwide auction and remarketing facilitation company with locations in California, Wisconsin, South Carolina, Pennsylvania, Texas, Michigan, Illinois, Georgia and Florida, as well as private-label auctions across multiple markets. XLerate also facilitates transactions between buyers and sellers with its Internet-enabled physical and private label remote sales auction technology. For more information, please visit: www.XLerategroup.com
About Southeastern Auto Auction:
Southeastern Auto Auction was founded in 1987 with the philosophy that every customer is important and unique. While you may wear a bidder badge, you are much more than a number. For over 30 years, the company has been building their dealer base one relationship at a time. SEAA has dealer consignment, fleet/lease and financial institution sales each Wednesday at its Savannah, GA facility as well as a weekly public sale on Thursday. The company operates a four-lane arena and reconditioning facility on approximately 15 acres. For more information, please visit: www.southeasternaa.com.