NewswireToday - /newswire/ -
Chicago, IL, United States, 2015/04/20 - GE Capital announced it is providing 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 - GECapital.com. NYSE: GE
GE Capital Markets served as co-lead arranger and joint-bookrunner on this facility, and GE Capital made an equity investment alongside the new owners.
AAA, headquartered in Dallas, owns and operates 11 regional wholesale auctions specializing in selling new car trade-ins, aged inventory, leased vehicles, bank-owned vehicles, boats and RVs. The company was founded in 2005 and is now the country’s third largest vehicle auctioneer.
“This is our fourth financing with GE Capital,” said Ben Lange, CEO of AAA. “We really value the expertise that GE Capital has about our business.”
“We appreciate GE Capital as a predictable and reliable source for financing,” said Dan Dross from Trinity Hunt Partners. “This new facility gives us the resources we need to continue AAA’s expansion.”
“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.
About GE Capital
GE Capital (gecapital.com) offers businesses around the globe an array of financial products and services. Funding may be provided through GE Capital’s affiliate, GE Capital Bank, Member, FDIC. GE (ge.com) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance.