GE Capital has provided financing as part of an $88 million senior secured credit facility to support the acquisition of America’s Auto Auction (AAA) by Trinity Hunt Partners. CEO Ben Lange and CFO Dustin Miller will remain as shareholders of AAA and will continue to run the business.
GE Capital Markets served as co-lead arranger and joint-bookrunner on this facility, and GE Capital made an equity investment alongside Trinity Hunt. “This is our fourth financing with GE Capital,” said Mr. Lange. “We really value the expertise that GE Capital has about our business.”
America’s Auto Auction specializes in conducting wholesale auctions of automobiles on behalf of new car dealers, fleet lease businesses, repossession companies, and used car dealers. The company was founded in 2005 and is headquartered in Dallas with 11 auction centers throughout the eastern half of the US (www.americasautoauction.com).
Trinity Hunt invests in companies that have EBITDAs between $3 million and $15 million and have enterprise values between $15 million and $150 million. The firm considers investment opportunities across a range of industries but has a specific interest in industrial products and services, business services and healthcare services. Trinity Hunt is based in Dallas (www.trinityhunt.com).
“We appreciate GE Capital as a predictable and reliable source for financing,” said Dan Dross of Trinity Hunt Partners. “This new facility gives us the resources we need to continue AAA’s expansion.”
GE Capital provides asset-based, cash flow and structured loans and leases to mid-size and large US businesses. Sectors of interest include: aerospace and defense; automotive and transportation; chemicals and plastics; construction and building products, corporate aircraft; energy; food and beverage; manufacturing; marine; metals and mining; paper, packaging and forest products; retail; and technology and electronics (www.gecapital.com).
“AAA, along with Trinity Hunt, is well positioned with this new acquisition and we are excited to be part of it,” said Bob McCarrick, chief commercial officer, GE Capital Corporate Finance.
© 2015 PEPD • Private Equity’s Leading News Magazine • 4-22-15