INDIANAPOLIS and PALO ALTO, CA - J.D. Byrider, the Indianapolis-based used car sales and finance business, announced that it has been acquired by private equity firm http://www.altamontcapital.com/index.php">Altamont Capital Partners (Altamont). Stephens Inc. served as J.D. Byrider’s financial advisor on the transaction.
With a long-term investment horizon, Altamont will provide strategic direction, experienced resources and additional capital to support the company’s growth and franchisee expansion initiatives. The acquisition of J.D. Byrider is Altamont’s first investment from its $500 million inaugural fund, which closed late last year. The firm is focused on acquiring and building middle-market businesses across a range of industries.
J.D. Byrider’s current President of Franchising Steven E. Wedding will assume the role of CEO, and the J.D. Byrider executive team will remain in place. James F. DeVoe, Jr. will remain a member of the board of directors and will serve as a consultant to the company.
“This is a milestone day for J.D. Byrider,” said Wedding. “As a result of nurturing the J.D. Byrider brand over 20 years, our company is and has always been the leader of the used car sales and finance industry. We have a unique franchising model, and our proprietary Discover System is the industry’s premier software. With this transaction, J.D. Byrider will be able to fully capitalize on existing business opportunities, including a large and fragmented market, and an expanding customer base. The investment will also allow J.D. Byrider to expand franchise-owned stores, add company-owned locations, pursue acquisitions and create additional opportunities for employee advancement.”
“This is an opportunity to bring innovation, sharper strategic focus and new capital to a business that is ripe for growth,” said Keoni Schwartz, Managing Director of Altamont. “We are enthusiastic about the opportunity to partner with Steve and his team to continue the work and make the investments required to help the company realize its full potential.”
The company expects expansion to occur in several markets, and those interested in acquiring a franchise are encouraged to visit franchise.jdbyrider.com.
“Our business model is proven,” said Wedding. “We’re eager to team with new franchisees who recognize a tremendous opportunity to join our growing system.”