Baird Capital Partners (BCP), the U.S.-based buyout fund of Baird Private Equity, announced today that its portfolio company American Auto Auction Group LLC (AAAG) has acquired Badger State Auto Auctions Inc.
Based in Fond Du Lac, Badger State is predominantly a dealer consignment auction offering traditional auction services in addition to ancillary services such as transportation, reconditioning, financing and title services. The acquisition expands AAAG’s geographic reach into the Midwest and offers the potential to launch additional mobile auction sites in Wisconsin and Illinois.
U.S. Bank N.A. and Northwestern Mutual Capital provided financing for the transaction. The financial terms of the deal were not disclosed.
AAAG was established in early 2010 to execute an acquisition platform strategy in the whole car auction market.
“We are excited to be welcoming the Badger State team into the AAAG family,” said Bill McIver, CEO of AAAG. “This acquisition represents another important milestone in AAAG’s plans to become a national platform of independent auctions.”
“The acquisition of Badger State is another step toward becoming a national full-service dealer-centric auction platform,” said Randy Mehl, BCP Partner. ”We continue to be very interested in partnering with other independent auctions as we build AAAG’s market share across the country.”