ALLETE's ADESA Subsidiary to Significantly Expand North American Presence in the Auto Salvage Auction Industry.Business Editors & Automotive Writers INDIANAPOLIS--(AutomotiveWire)--Jan. 12, 2001 ALLETE (NYSE NYSE See: New York Stock Exchange :ALE) and its automotive subsidiary, ADESA Corporation, have signed definitive agreements to acquire all of the outstanding stock of ComSearch, Inc. and all of the assets of Auto Placement Center, Inc. (APC (1) (American Power Conversion Corporation, West Kingston, RI, www.apcc.com) The leading manufacturer of UPS systems and surge suppressors, founded in 1981 by Rodger Dowdell, Neil Rasmussen and Emanual Landsman, three electronic power engineers who had worked at MIT. ), respectively, in an overall transaction valued at $62.4 million. ADESA's acquisition of APC, a Rhode Island-based auto salvage auction company, includes eight salvage auctions. The eight auctions are located in Albany, New York For other uses, see Albany. Albany is the capital of the State of New York and the county seat of Albany County. Albany lies 136 miles (219 km) north of New York City, and slightly to the south of the juncture of the Mohawk and Hudson Rivers. ; Manchester, New Hampshire This article is about the city in New Hampshire. For other uses, see Manchester (disambiguation). Manchester is the largest city in the U.S. state of New Hampshire and the largest city of northern New England, an area composed of Vermont, New Hampshire and Maine. ; East Providence, Rhode Island East Providence is a city in Providence County, Rhode Island, United States. The population was 48,688 at the 2000 census, making it the fifth largest city in the state. It is a suburb of Providence. ; Saco, Maine; Clinton, Maine; Taunton, Massachusetts; Newburgh, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ; and Burlington, Vermont. ComSearch, Inc., also based in Rhode Island Rhode Island, island, United States Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. , provides Internet-based parts location and insurance adjustment audit services nationwide. "We are thrilled to expand our existing auto salvage business by combining resources with APC and ComSearch," said Jim Hallett, executive vice president of ALLETE and president of ADESA. "Along with Impact Auto Auctions, Inc., already the premier salvage auction firm in Canada, the addition of APC will position us as the third largest salvage auction company in North America. In addition to Internet product offerings at both ADESA and APC, ComSearch brings state-of-the-art Internet-based technology in the related auto parts location and insurance adjustment business." "We see strong synergies in joining forces with ADESA to provide outstanding automotive recovery services across the United States," said Bob Lyons, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of APC and ComSearch. "While APC has been the premier provider of services in New England, now we will be able to grow our business to ultimately service our insurance company customers coast to coast as part of ADESA." "We believe this is the perfect opportunity to further consolidate the salvage auto auction industry not unlike what we have done in our wholesale auto auction business," stated Jim Hallett. "We will continue to look for accretive acquisitions not only in the whole car auction business but now also in the salvage auto auction business." ALLETE is a multi-services company with corporate headquarters in Duluth, Minnesota. Holdings include the second largest wholesale automobile auction network in North America; the leading provider of independent auto dealer inventory financing; the largest investor-owned water utilities in Florida and North Carolina; significant real estate holdings in Florida; and a low-cost electric utility that serves some of the largest industrial customers in the United States. |
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