HOUSTON – December 3, 2008 – AssetNation, Inc. announced today its acquisition of AssetAuctions LLC. AssetAuctions is the leading provider of asset recovery,appraisal and inventory online auction services for the industrial, commercial and government markets. AssetNation already has some of the strongest brands in the online auction community which include SalvageSale, SalvageSale Ltd (UK), CapitalAssetSale, and now AssetAuctions and AssetAuctions de Mexico. This acquisition brings expanded service offerings and signals a commitment to expanding the AssetNation footprint internationally.
“AssetAuctions is a natural complement to our business model and we look forward to the addition of their talented team, led by Shawn Allen and Scott Britton, to the AssetNation family,” said Dan Parsley, CEO of AssetNation. “In today’s challenging economic market, multi-national corporations, commercial insurers and government entities require a dependable and full service asset disposition partner. With the addition of AssetAuctions, we can now offer the broadest and deepest service offering available. We anticipate our global buyers will be spending more of their time and financial resources with AssetNation, due to the increased convenience, volume and selection of commercial and industrial assets.”
Allen and Britton will continue to lead the AssetAuctions business segment as President and Vice President, respectively. “AssetNation has an impressive leadership team, a scalable technology platform and a track record of generating measurable results for its customers,” said Shawn Allen, President of AssetAuctions. “We are confident this combination will allow us to offer more value and services to our industrial and governmental customers. We are wholly committed to AssetNation’s success.”
AssetNation’s business model builds upon the foundation of its business segments SalvageSale and CapitalAssetSale. SalvageSale and SalvageSale Ltd support commercial property and casualty insurance companies by dramatically increasing recoveries on damaged commercial and industrial salvage. These clients will not be impacted by this change, however, they will benefit from an expanded buyer base which should generate greater competition and higher salvage recoveries. SalvageSale, the original segment, will continue to service all insurance clients in the same manner, with the same account managers and client service managers.
CapitalAssetSale helps companies turn surplus, idle and end-of-life industrial assets into new sources of cash. AssetAuctions broadens CapitalAssetSale’s corporate asset focus, offering online auctions, liquidations, private sales, corporate internal asset redeployment and appraisal valuation services for industrial equipment and machinery.
“The acquisition of AssetAuctions demonstrates Spire Capital’s continued commitment to grow AssetNation, both organically as well as via select strategic acquisitions. We believe AssetNation’s market potential to be substantial and with the addition of AssetAuctions’ complementary marketplace services, we believe AssetNation’s increased size, scale and capabilities will increase the company’s market leading position in the verticals it serves,” states Sean C. White, Partner of Spire Capital, L.P.
The newly formed AssetNation will remain headquartered in Houston, Texas and will have offices and employees in 13 U.S. cities: Pittsburgh, New York, Chicago, Detroit, St. Louis, Los Angeles, Phoenix, Tampa, Jacksonville, Ft. Myers, Columbus, and Austin, and internationally in Mexico City and London.
About AssetNation, Inc.
AssetNation, Inc. is the leading online marketplace and services provider for the insurance industry and corporate surplus, idle and end-of-life assets. By combining comprehensive services and leveraging the Internet to increase transaction transparency and efficiency access a global universe of buyers, AssetNation and its business segments, SalvageSale, SalvageSale Ltd, CapitalAssetSale, AssetAuctions, and AssetAuctions de Mexico have dramatically improved recovery results for sellers of commercial salvage goods, as well as corporate surplus and end-of-life assets. AssetNation is headquartered in Houston, with offices in Pittsburgh, New York, Chicago, St. Louis, Detroit, Los Angeles, Phoenix, Tampa, Jacksonville, Austin, Mexico City and London. The company also has global representatives in Singapore, Antwerp and Rotterdam. Visit www.SalvageSale.com, www.SalvageSale.co.uk, www.CapitalAssetSale.comor www.Asset-Auctions.com for more information.
About Spire Capital Partners
Spire Capital Partners is an active and experienced private equity firm founded in 2000 with approximately $600 million in assets under management. Spire partners with exceptional management teams to invest in small market companies within the business services, information services, media and communications sectors. Since its founding, Spire has successfully made investments in approximately 30 portfolio companies which include AssetNation, Sky Mall, Professional Bull Riders (PBR), Sonitrol and others. The firm is headquartered in New York City. Visit www.spirecapital.com for more information.