Spire Capital Announces the Sale of Portfolio Company, AssetNation LLC
SPIRE CAPITAL PARTNERS SELLS LEADING ONLINE MARKETPLACE AND TECHNOLOGY COMPANY, ASSETNATION LLC
New York, May 15, 2012 – Spire Capital Partners, a private equity firm specializing in investments in smaller companies in the business services, information services, education, media and communications sectors, announced that it has closed on the sale of AssetNation LLC, a leading online marketplace and technology company to Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world’s largest auctioneer of heavy equipment and trucks.
AssetNation is a leading online and technology company providing its marketplace services to insurance, government, energy, industrial, fleet and distribution clients for surplus and salvage assets. The Company uses its best-in-class technology platform, scalable shared services, deep e-commerce expertise and family of global online marketplaces to support almost 100,000 buyers and sellers of surplus and salvage assets. AssetNation is headquartered in Houston, TX and has offices in Pittsburgh, PA, Mexico City, MX and London, UK.
“AssetNation has established itself as a leading online marketplace, with unique online technology and services capabilities,” said Sean White, a partner at Spire Capital. “The management team, led by Dave Dawson, did an excellent job of creating and growing a premier ecommerce company as evidenced by our blue chip list of customers and thousands of satisfied asset buyers.”
“We are extremely proud of the results we achieved during our partnership with Spire Capital,” Dawson said. “The partners and executives at Spire Capital were very involved in growing AssetNation and we appreciate their strategic direction and guidance.” Dave Dawson will remain with the company along with the other members of the executive team.
Ritchie Bros. has agreed to acquire 100% of the issued and outstanding shares of AssetNation in an all cash deal valued at approximately US$64 million. SNR Denton provided legal counsel to Spire Capital Partners and AssetNation on the transaction.
About Spire Capital Partners
Spire Capital Partners, L.P. is a private equity firm founded in 2000, and has more than $575 million of capital under management. Spire Capital partners with exceptional management teams to invest in small market buyouts, recapitalizations, industry consolidations and growth equity investments in the business services, information services and communications industries. Spire Capital typically invests between $10 million and $40 million in companies with enterprise values from $25 million to $400 million. Spire Capital and its predecessor funds have made investments in more than 25 portfolio companies. The firm is headquartered in New York. For more information, visit www.spirecapital.com.
AssetNation LLC was acquired by Spire Capital in 2007 as a platform to build a premier online marketplace and technology company for the sale and purchase of surplus and salvage assets. In 2009, the Company acquired AssetAuctions in order to increase its customer base.
About SNR Denton
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