Brightstar Acquires Stake in XLerate

By Staff Writer September 03, 2021

Brightstar Capital Partners, a private equity firm, announced it has reached a definitive agreement to acquire a majority stake in XLerate Group, a nationwide car auction and remarketing 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 were not disclosed.

“We’re excited to partner with CEO Cam Hitchcock and Xlerate’s experienced and talented team to fuel the company’s growth in this fragmented industry,” said Andrew Weinberg, founder and CEO at Brightstar. “Combining management’s unparalleled knowledge of the auto industry with our resources and network of relationships, we aim to add value for XLerate’s customers and employees as well as our investors.”

Based in Carmel, Ind., XLerate has fixed site and mobile auctions sites across 11 states, as well as on digital platforms.

“We are thrilled to join forces with Brightstar to scale XLerate even further,” said Hitchcock. “Their team’s relationship-driven approach is perfectly suited for the auction industry, and Brightstar’s prior experience in a related vertical and operational acumen will facilitate new opportunities for us.”

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Last modified on Tuesday, 07 September 2021 17:42