Huron Capital Partners has purchased American Auto Auction Group for an undisclosed amount.
American Auto, headquartered in Charleston, South Carolina, provides dealer-to-dealer auction services that has sites in South Carolina, Florida, Mississippi, Texas, California and Wisconsin. The deal was announced May 22. (For more, see our video interview with Huron partner Heather Madland below or visit our video page.)
Detroit private equity firm Huron bought American Auto in conjunction with the formation of an auto remarketing services platform. Huron brought in Cam Hitchcock, who will act as American Auto's CEO. Hitchcock previously worked as chairman of Primeritus Financial Services and was partner at Elysian Advisors, and has also served on the board of two PE-backed auction remarketing companies.
Huron has raised more than $1.1 billion in capital since it was founded in 1999. The firm focuses on investing in companies with up to $200 million in revenue. For more on Huron, see our video interview with Huron partner Gretchen Perkins.
The seller is the investment arm of Robert W. Baird & Co., Baird Capital. Baird Capital formed American Auto in 2010 to get into the whole-car auction market. The company, under Baird Capital's ownership, completed six add-on acquisitions: Auctions in Motion, Badger State, Charleston Auto Auction, Mid-South Auto Auction, Texas Lone Star Auto Auction and Your Auction Inc.
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Corrected March 19, 2015 at 1:32PM: 3644945909001