Addition of Columbus Fair Auto Auction expands XLerate's highly regarded network of auction sites
DETROIT, Oct. 28, 2019 /PRNewswire/ -- Leading lower-middle-market private equity firm Huron Capital today announced its nationwide auction and remarketing platform, XLerate Group ("XLerate"), has acquired Columbus Fair Auto Auction ("CFAA"). Owned and operated by the Jacobs family since 1958, the highly respected Ohio auction joins XLerate's established group of auctions with physical and satellite sale operations in California, Florida, Georgia, Illinois, Michigan, New Mexico, Pennsylvania, South Carolina, Texas and Wisconsin.
CFAA was founded by Bill Jacobs in 1958. His daughter, Alexis Jacobs, has operated the business since 1982. CFAA's operations include a full-service, on-site body shop facility, a complete mechanical shop, a state-of-the-art reconditioning center, on-site transportation services, and many other convenient, on-site services that aid the customer.
"Alexis has run the operation for over 30 years, earning esteem as an iconic independent auto auction with an impeccable reputation and consistently superior customer service," said XLerate CEO Cam Hitchcock. "These attributes are a great fit with XLerate's operating philosophy and track record of acquiring auto auctions with strong brand equity. We are honored that Alexis and Greg Levi have entrusted us to carry forward the Jacobs' legacy at CFAA."
CFAA has been in continuous operation since 1958 and features financial institution, fleet/lease and dealer consignment sales each Wednesday at its Obetz, Ohio, location.
"This acquisition bolsters XLerate's presence in the critical Midwestern market and our capabilities to service large fleet/lease and financial institution customers," Hitchcock said. "We are excited that Greg Levi and his team will join XLerate's highly talented management group. XLerate's team will benefit from Greg's deep experience in customer compliance and digitally enabled sales platforms."
CFAA is XLerate's sixth Midwestern location (21 in total across the U.S.). The auction operates an 11-lane arena, reconditioning facility, body shop and mechanical shop situated on approximately 154 acres.
"Joining the XLerate Group is the right choice for CFAA's customers and employees. We identified a cultural match that felt comfortable for both our employees and our customers," said Alexis Jacobs, CFAA's principal owner. "The support and resources that XLerate offers to its auction family were key factors in my decision to sell to XLerate. My auction family is excited to join a high quality, high integrity group of operators that share our commitment to providing a superior customer experience and strong commitment to the communities where they operate."
Huron Capital formed XLerate in 2014 to pursue a buy-and-build strategy in the rapidly changing auction industry. Under Huron Capital's ExecFactor® investment model XLerate has continued to grow. With the addition of CFAA, XLerate will operate under 15 auction brands with fixed auction sites in California, Georgia, Ohio, Florida, Illinois, Michigan, Pennsylvania, South Carolina, Texas, and Wisconsin.
"We are incredibly pleased to add CFAA's strong family tradition and reputation surrounding service, dedicated staff and complementary sales platforms to our portfolio and are continually excited about its potential to grow and strengthen XLerate's position as a leader in the auction industry," said Huron Capital Vice President Matthew Lacki.
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® and buy-and-build investment models. We prefer complex situations where we believe we can help companies reach their full potential by combining our operational and strategic resources, substantial capital base, and transaction experience with seasoned operating executives. Over the past two decades, Huron Capital has successfully established six investment funds totaling approximately $1.8 billion in capital and has completed over 175 transactions throughout North America. Huron Capital portfolio companies have had aggregate annual revenues exceeding $3.0 billion, 15,000 employees and operated over 325 facilities. Huron Capital targets both control and non-control equity stakes in fundamentally sound companies that the firm believes can benefit from its operational approach to creating value. These transactions typically take the form of equity recapitalizations, family succession transactions, market-entry strategies, corporate carve-outs, and management buyouts of companies having revenues up to $200 million. Huron Capital's sector focus includes business services, consumer products & services and specialty industrials. For more information, please visit: www.huroncapital.com.
About XLerate Group
XLerate a leading nationwide auction and remarketing facilitation company with locations in California, Florida, Georgia, Illinois, Michigan, Ohio, South Carolina, Pennsylvania, New Mexico, Texas and Wisconsin, 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
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.
Brent Snavely, Director
Lambert & Co.