NEW YORK and CARMEL, IN – KAR Holdings II, LLC, announced that, effective as of the closing of its previously announced acquisition of ADESA, Inc., it plans to augment ADESA's senior management team with the addition of Brian Clingen, Jim Hallett, Tom O’Brien, and John Nordin.
On Dec. 22, 2006, ADESA announced it had entered into a definitive merger agreement to be acquired by KAR Holdings II, LLC, a newly formed entity owned by a group of private equity funds consisting of Kelso & Company, GS Capital Partners, an affiliate of Goldman Sachs, ValueAct Capital, and Parthenon Capital. Insurance Auto Auctions, Inc. (IAA), a provider of automotive salvage auction and claims processing services, will be combined with ADESA, effective as of the closing.
Brian Clingen, an investor and board member of IAAI, would become chairman and chief executive officer of the combined company upon closing. Clingen has operational and investment experience in the automotive services industry. Clingen has also served in senior executive and board of director capacities with previous Kelso & Company portfolio companies.
Jim Hallett, who previously served as president and chief executive officer of ADESA Corp. from August 1996 until July 2003, would become president and chief executive officer of the whole car auction operations. Hallett left ADESA in May 2005 and most recently served as president of the Columbus Fair Auto Auction.
Tom O’Brien, president and chief executive officer of IAA, would become president and chief Eexecutive officer of the combined salvage operations. In May 2005, Kelso & Company, Parthenon Capital, and certain members of IAA’s senior management team, completed a going private transaction.
John Nordin, vice president and chief information officer of IAA, would become executive vice president and chief information officer of the combined company. Nordin joined IAA in late 2003 and has been involved in information technology for 25 years, holding the position of CIO for the past 12 years.