CHARLESTON, S.C., May 22, 2014 – Baird Capital announced today that its U.S. Private Equity group has completed the sale of its portfolio company American Auto Auction Group (AAAG) to Huron Capital Partners. The terms of the deal were not disclosed.
Baird Capital established AAAG in 2010 to execute an acquisition platform strategy in the whole car auction market. Throughout the course of Baird Capital’s ownership, AAAG has acquired six auction businesses, and the number of cars run through auction annually has grown from approximately 55,000 to more than 215,000. The company’s acquisitions include Auctions in Motion (Westlake Village, Calif.), Badger State (Fond Du Lac, Wis.), Charleston Auto Auction (Moncks Corner, S.C.), Mid-South Auto Auction (Pearl, Miss.), Texas Lone Star Auto Auction (Carrollton, Texas) and Your Auction, Inc. (Tampa, Fla.).
“When we created American Auto, our goal was to build a national full-service, dealer-centric re-marketing platform by pulling together a group of strong independent auctions, and layering on new services,” said Randy Mehl, Partner with Baird Capital’s Private Equity group. “Over the last few years, we worked with AAAG’s management team to expand the company’s footprint through several acquisitions in targeted regions, while adding financing and technology capabilities to those businesses.”
“Throughout its investment, Baird Capital was a fantastic partner,” said Bill McIver, AAAG CEO.
Darris McClure, AAAG President, added, “Their credibility as a financial partner, commitment to the strategy, and extensive network of contacts were important drivers for our expansion, and we thank them for all of the contributions they have made.”
About Baird Capital
Baird Capital makes venture capital, growth equity and private equity investments in strategically targeted sectors around the world. Since 1989, Baird Capital’s U.S. Private Equity group has invested in growing and profitable lower-middle-market companies in the Business Services, Healthcare, and Industrial and Consumer Products sectors. Having invested in more than 270 companies over its history, Baird Capital partners with entrepreneurs and, leveraging its executive networks, strives to build exceptional companies. Baird Capital provides operational support to its portfolio companies through teams on the ground in Asia, a proactive portfolio operations team and a deep network of relationships which together strive to deliver enhanced shareholder value. Baird Capital is the direct private investment arm of Robert W. Baird & Co. For more information, please visit BairdCapital.com.
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