Existing Management Team to Continue Leading Global Expansion of the Premier Online Industrial Marketplace
NEW YORK, NY – March 21, 2007 – SalvageSale, the leading online marketplace and services provider for the insurance industry and corporate end-of-life assets, announced today it has completed a recapitalization with New York-based private equity firm Spire Capital Partners. Terms of the recapitalization were not disclosed.
In Spire Capital, the company has a partner to help seek out new avenues for growth, secure additional resources to enhance customer service and expand the company via acquisition. Coupling SalvageSale’s existing management team with Spire’s seasoned financial and technological acumen will enable the company to greatly enhance its worldwide presence.
“It was merely seven years ago that our team and a select group of clients and investors began to take SalvageSale from concept to reality,” said Dan Parsley, CEO of SalvageSale. “As we look forward to the next chapter of the SalvageSale story, our relationship with Spire Capital places us in an optimal position to continue investing in people, processes and new market expansion.”
Spire Capital found SalvageSale to be an attractive investment because of its strong management team,pioneering business model and ability to deliver measurable value to a significant global network of buyers and sellers.
“SalvageSale’s track record of success, both financially and as a true innovator, makes it an ideal first investment in Spire Capital Partners II, LP, continuing our lead investment focus in small market business services companies,” said Sean White, Managing Member of Spire Capital. “We believe in the management team and their vision for expanding SalvageSale’s leadership in the commercial salvage and corporate asset disposition marketplaces.”
Added Parsley, “We were fortunate to have the early support of highly credible financial backers in SwissRe and AmericanRe to establish the early business model and concept. With Spire, our team will continue to execute our mission and provide outstanding customer service to our valued corporate and insurance clients.”
About SalvageSale, Inc.
SalvageSale, Inc. is the leading online marketplace and services provider for the insurance industry and corporate end of life assets. By combining comprehensive services and leveraging the Internet to increase transaction transparency and efficiently access a global universe of buyers, SalvageSale has dramatically improved recovery results for sellers of commercial salvage goods, as well as corporate, end-of-life assets. SalvageSale is headquartered in Houston, Texas, and has offices in New York, Sacramento, CA, Austin,TX, Chicago, IL and Bonita Springs, FL. The company also has global representatives in London,Singapore, Antwerp and Rotterdam. Visit www.salvagesale.com or www.capitalassetsale.com for more information.
About Spire Capital Partners
Spire Capital Partners is a private equity firm founded in 2000 with more than $350 million of capital under management. Spire partners with exceptional management teams to invest in small market buyouts in the business services, information services, media and communications industries. Spire typically invests between $15 million and $30 million in companies with enterprise values less than $150 million. Since its founding, Spire has successfully made investments in approximately 30 portfolio companies. The firm is headquartered in New York. Visit www.spirecapital.com for more information.