Brightstar Capital Partners (Brightstar), a private equity firm focused on partnering with families, founders, entrepreneurs and management teams, is to acquire a majority stake in XLerate Group (XLerate), a car auction and remarketing facilitation company.
The Company’s senior management team, as well as current owner Huron Capital, both will retain minority equity stakes in the business. Terms of the private transaction have not been disclosed. XLerate is a leading full-service used-car auction services provider that facilitates the wholesale remarketing of used vehicles for B2B customers, delivering a critical liquidity function to enable the used car sales ecosystem.
“This is a time of great opportunity for XLerate and its customers,” says Gary Hokkanen, Partner at Brightstar. “The automotive remarketing sector is poised for tremendous change due to an increased use of technology, evolving vehicle mix and changing expectations from both buyers and sellers. We are enthusiastic about the opportunity to enhance Xlerate’s position and its customer experience through our investment and partnership with the XLerate team.”
Read more/Source: Private Equity Wire
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