May 18, 2010
Salvage Direct Acquired by QCSA Holdings
SJF Successfully Exits Fund I Portfolio Company, Salvage Direct, through Sale to QCSA Holdings
SJF Ventures portfolio company Salvage Direct has been acquired by QCSA Auto Auctions, the nation’s largest independent salvage auction company. The transaction was funded by private equity firm Kinderhook Industries and debt provider Amalgamated Capital. The combination of Salvage Direct and QCSA creates the third largest company in the salvage vehicle auction industry behind public companies Copart and KAR Auction Services.
Based in Titusville, Pennsylvania, Salvage Direct pioneered the salvage industry’s first on-line auction and today operates exclusively through a unique web-based business model. Since SJF Ventures led the Company’s second round of equity financing, Salvage Direct has grown to 145 employees and a network of over 80 facilities in 28 states. Their cleantech impact includes increasing the utilization and efficiency of metals recycling and parts reuse for approximately 50 thousand vehicles in 2009.