The purchase of Ottawa Kent Insurance Agency Inc. comes as a Traverse City-based agency platform backed by private equity investors pursues a Midwest acquisition strategy.
JENISON — Ottawa Kent Insurance Agency Inc. was acquired by Traverse City-based High Street Insurance Partners Inc., an insurance agency platform formed last year by Huron Capital Partners LLC, a Detroit-based private equity firm.
Detroit-based private equity firm Huron Capital Partners LLC has formed High Street Partners with insurance industry executives Scott Wick and Randy Koch to focus on deals in the insurance industry.
Here is the MiBiz Growth Report for May 16, 2016:
• M&A: Indianapolis-based The XLerate Group, a portfolio company of Detroit-based private equity firm Huron Capital Partners LLC, has acquired Jenison-based Grand Rapids Auto Auction. The deal represents the second acquisition in a year for The XLerate Group, which acquired Schoolcraft-based Greater Kalamazoo Auto Auction in May 2015. XLerate provides dealer-to-dealer auto auctions for used vehicles. Grand Rapids Auto Auction, located at 2380 Port Sheldon Ct., provides used vehicle remarketing to fleet and leasing companies and dealers in Michigan, Illinois and Ohio. Terms of the deal were undisclosed. Through the acquisition, XLerate now has local auto auctions that operate 17 physical and mobile sites in Michigan, South Carolina, California, Texas, Wisconsin and Florida.
Indianapolis-based The XLerate Group has acquired Grand Rapids Auto Auction.