Milwaukee-based Baird Capital has sold its portfolio company, Charleston, S.C.-based American Auto Auction Group, to Detroit private equity firm Huron Capital Partners.
Baird Capital formed American Auto Auction in 2010 to integrate several whole car auction acquisitions. The group has acquired six auction companies while under Baird ownership: Badger State, Fond du Lac; Auctions in Motion, Westlake Village, Calif.; 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.”
“(Baird Capital’s) 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,” said Darris McClure, AAAG president.