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XLerate Group Closes First Add-on with Acquisition of GKAA
Detroit, MI – May 28, 2015 – Huron Capital Partners LLC (“Huron”) announced today that its auto auction portfolio company, The XLerate Group. (“XLerate”), has acquired Schoolcraft, Mich.-based Greater Kalamazoo Auto Auction (“GKAA”). This deal marks the 100th investment made by Huron Capital since its inception in 1999.
GKAA becomes the seventh member of the auction family at XLerate Group (f/k/a American Auto Auction Group), continuing XLerate’s national expansion strategy. XLerate has a new centralized headquarters location in Indianapolis, Ind. and an established group of dealer-centric auctions with physical and satellite sale operations in California, Texas, Florida, South Carolina, Mississippi, Wisconsin and Michigan. GKAA features fleet, lease, financial institution and dealer consignment sales each Thursday at its Michigan location, just south of Kalamazoo.
XLerate CEO Cam Hitchcock stated, “With the addition of GKAA, XLerate continues the objective of growing our business by acquiring quality independent sale operations to enhance our auction family offering. This acquisition bolsters XLerate’s presence in the key Midwest market. We are honored that the Devries family entrusts us with its legacy and very much look forward to working with them over the coming years.”
“XLerate is recognized for its customer service and business integrity. We think GKAA will help grow that reputation, and we are excited to have GKAA as part of the group,” said Peter Mogk, Huron Senior Partner.
Brian Demkowicz, Huron’s Managing Partner, added: “Since 1999, we have built a strong organization at Huron and are committed to the lower end of the middle market. While reaching the closing of our 100th investment is an important milestone, we have invested significant resources to leverage our market position and build on our momentum. We are looking forward to acquiring the next 100 companies.”
Certain information herein may contain forward-looking statements which are provided to assist the reader in understanding the beliefs and opinions with respect to future opportunities as perceived by Huron Capital and others quoted herein. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance in future periods to differ materially from any projections or results expressed or implied by such forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The issuer of these statements undertakes no obligation to update forward-looking statements if circumstances or estimates or opinions should change except as may be required by applicable securities laws.
