- Jim Hallett is returning as president and CEO of ADESA, two years after leaving the country’s second-largest auto auction, announced the private equity group now purchasing the company.
Hallett served in the same capacities for nearly 10 years at ADESA, but left after a management realignment when the company was spun off from its parent ALLETE. He then joined Columbus Fair Auto Auction as president.
The equity group purchasing ADESA comprises Kelso & Co., GS Capital Partners, an affiliate of Goldman Sachs, ValueAct Capital, and Parthenon Capital. Expected to close in the first half of 2007, the transaction is valued at $3.7 billion. Hallett will assume his responsibilities at the closing.