Renascent Salvage Holdings acquisition includes two salvage yards and a recycling center, marking Evolution’s second growth platform investment in its third Fund.
Evolution Capital Partners (“Evolution”) is pleased to announce its investment in and partnership with Renascent Salvage Holdings (“Renascent”), a holding company established to acquire and create a network of automotive salvage yards and recycling facilities across the Midwest. Led by CEO Alan Pitney, a seasoned operations executive, the initial platform acquisitions are Dayton Xenia Auto, headquartered in Xenia, OH, and Riverside Auto, in West Carrollton, OH (“Renascent Dayton” combined). The Renascent Dayton operations will act as the base from which to add synergistic facilities to the network. The acquisition of Renascent Dayton includes two salvage yards and a recycling center. This investment marks Evolution’s second growth company platform investment in its third Fund.
The domestic market for automotive recycling and salvage is a key component of the automotive supply chain. Salvage has been a staple of the automotive life cycle since first generation automobiles needed replacement parts in the 1930s, though technology has become an increasingly important aspect as buyers and sellers leverage systems and data to transact. Revenues top $32B annually across the estimated 9,000 to 11,000 domestic salvage yards (figures dependent upon classification). Research suggests that up to 86% of the automobile components of the 4 million cars recycled annually are re-used, re-purposed, or recycled.
“I am thrilled to partner with the Evolution team to execute a growth strategy in an industry aligned with and identified through my own passion for buying recycled car parts,” said Renascent CEO Alan Pitney. “There is significant opportunity to leverage a technology-driven business approach to this highly fragmented industry.”
“Alan brings a wealth of management and operational expertise as well as knowledge of the recycled auto parts industry,” said Evolution Co-Founder & Managing Partner Brendan Anderson. “We are proud to welcome Alan, and the Dayton Xenia team, to the Evolution community of growth companies.”
About Evolution Capital Partners
Evolution Capital Partners is a small business private equity fund investing growth equity nationwide in Second Stage Companies generating at least $500,000 of EBITDA. Evolution specializes in helping entrepreneurial businesses transform their organizations by providing a foundation for growth through its process, the Five Fundamentals, leveraging the time and energy of the business owner. For more information, visit www.evolutioncapitalpartners.com.