Private Equity Firm Purchases J.D. Byrider
J.D. Byrider announced Tuesday that it has been acquired by private equity firm Altamont Capital Partners.
Altamont plans to provide Byrider with strategic direction, experienced resources and additional capital to support its growth and franchise expansion initiatives.
The purchase of Byrider is Altamont’s first investment from its $500 million fund, which closed late last year. The firm said it is focused on acquiring and building “middle-market businesses across a range of industries.”
Steven Wedding, Byrider’s current president of franchising, will take on the role of chief executive officer and the Byrider executive team will remain in place, according to officials.
Wedding has been with Byrider since 1991. He previously served as controller, vice president of finance and vice president of franchise operations. He was named chief financial officer in 2003 and president of franchising in 2006.
Meanwhile, James DeVoe Jr. will remain a member of the board of directors and will serve as a consultant. He has been a member of the board since Byrider’s inception. He became CEO of Byrider in 2006. Previously, he served as vice president of asset management and president of company stores.
“This is a milestone day for J.D. Byrider,” Wedding said. “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,” he continued. “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.”
Meanwhile, Keoni Scharwtz, managing director of Altamont, said, “This is an opportunity to bring innovation, sharper strategic focus and new capital to a business that is ripe for growth. 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.”
Stephens Inc. served as Byrider’s financial advisor.
Finally, the company revealed it expects to expand in several markets. Those interested in learning more or acquiring a franchise, are invited to visit franchise.jdbyrider.com.