Brightstar Capital Partners, a private equity firm focused on partnering with families, founders, entrepreneurs and management teams, announced Sept. 18 that it has completed its acquisition of XLerate Group, a nationwide car auction and remarketing facilitation company, in partnership with the company’s senior management team, according to a news release. The signing of the transaction’s definitive agreement was previously announced on Sept. 2.
Founded in 2010 and based in Carmel, Ind., XLerate is a full-service used-car auction services provider that facilitates the wholesale remarketing of used vehicles for B2B customers, delivering a critical liquidity function for the used car sales ecosystem. XLerate operates fixed site and mobile auctions sites across 13 states, as well as on digital platforms.
“The XLerate team’s industry knowledge and operational expertise impressed us as we spent time at their auction sites around the country,” said Andrew Weinberg, founder and CEO at Brightstar, in the release. “This acquisition represents a phenomenal opportunity for XLerate’s customers and our investors alike, as we pool together our collective knowledge and resources to add value and grow this business.”
Cam Hitchcock, CEO of XLerate, added, “Especially with Brightstar’s support, we see enormous potential for this business and the sector as a whole. Our aim will be to solidify XLerate’s market positions, and further scale in this industry through strategic investments in technology and other avenues for growth.”
“XLerate provides liquidity to the dynamic used car industry across a number of geographic regions,” said Gary Hokkanen, partner at Brightstar. “Executing on our “Us & Us” model of investing, we will roll up our sleeves and work with XLerate’s team as the company continues to offer innovative services to dealers and institutional customers.”
Kirkland & Ellis LLP acted as legal advisor to Brightstar.
Originally posted on Vehicle Remarketing