Adesa acquired by investor group in $3.7 billion deal

By Lisa Kerner

Charlotte, N.C., April 20 - A group of private equity funds known as KAR Acquisitions closed a $27.85-per-share acquisition of Adesa, Inc. on Friday in a deal valued at about $3.7 billion, according to a company news release.

KAR Acquisitions includes Kelso & Co., GS Capital Partners, ValueAct Capital and Parthenon Capital.

Insurance Auto Auctions, Inc., an automotive salvage and processing claims company, was contributed to the surviving corporation as part of the transaction.

Prior to the transaction, Insurance Auto Auctions was owned by Kelso & Co., Parthenon Capital and certain members of its senior management.

Adesa announced a definitive merger agreement with KAR Acquisition on Dec. 22. The Carmel, Ind.-based company provides wholesale vehicle auctions and used vehicle dealer floorplan financing services.

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