Third Acquisition by AAAG in the Last Twelve Months
CHARLESTON, S.C., January 11, 2011 – 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 Texas Lone Star Auto Auction (TLSAA) based in Carrollton, Texas. AAAG was established in early 2010 in partnership with experienced industry veterans to execute an acquisition platform strategy in the whole car auction market.
Founded by the Dunning family in 2001, Texas Lone Star Auto Auction holds a weekly dealer consignment auction at its facility in Carrollton, Texas. In early 2010, AAAG acquired two separate auction businesses, Charleston Auto Auction (Moncks Corner, S.C.) and Rea Brothers Mid-South Auto Auction (Pearl, Miss.). Auto auctions create a transaction marketplace for finance companies, fleets, wholesalers, independent dealers, and franchise dealers to sell and purchase vehicles.
“The acquisition of Texas Lone Star Auto Auction fits nicely into AAAG’s strategy of acquiring well run independent whole car auctions,” said Randy Mehl, BCP Partner. “We continue to be excited about AAAG’s opportunities in the fragmented auction market. AAAG has a number of attractive businesses in the pipeline and we expect 2011 to be another busy year for our team.”
“I am pleased that we were able to add Texas Lone Star Auto Auction as the newest member of the AAAG family of auctions,” said Steve Simon, CEO of American Auto Auction Group. “The addition of Texas Lone Star represents another important step in AAAG’s plans to become a national platform of independent auctions.”
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About Baird Capital Partners
Baird Capital Partners, the U.S.-based buyout fund of Baird Private Equity, invests in lower middle-market companies in the business services, manufactured products and healthcare sectors. Established in 1989, Baird Capital Partners leverages its deep sector knowledge, experienced investment team and extensive operating resources to drive value in its portfolio companies. Baird Capital Partners is supported by operating resources in China and India focused on facilitating and executing Asia sourcing, manufacturing and distribution strategies for Baird Capital Partners’ portfolio companies. For more information, please visit http://www.bairdcapitalpartners.com.
About American Auto Auction Group
American Auto Auction Group is headed by industry veterans Steve Simon and Keith Lelux. Building on a network of independent auctions throughout the country, AAAG provides a viable alternative for vehicle sellers who require national sales coverage. AAAG is headquartered in Charleston, South Carolina, and now includes three premier auction properties: Charleston Auto Auction in Moncks Corner, SC; Rea Brothers Mid-South Auction in Pearl, MS; and now Texas Lone Star Auto Auction in Carrollton, TX. For additional information about American Auto Auction Group call 843-579-AUTO or visit americanautoauctiongroup.com .
For additional information contact:
Angela Pittman Taylor
Baird Public Relations
414-298-1902
