- Language: English
- Published: October 2012
Summary: KAR Holdings Inc. Oct 07
- ID: 1869532
- October 2007
- Standard & Poors
The ratings on Carmel, Ind.-based KAR Holdings Inc reflect its heavy debt load, modest prospective cash flow generation, merger integration risks, and weak business position. The company was formed as a result of the April 2007 merger of ADESA and Insurance Auto Auctions Inc. (IAAI). KAR is owned by privately held KAR LLC, which is controlled by Kelso & Co., Goldman Sachs Capital Partners, ValueAct Capital, and Parthenon Capital. Total debt outstanding at June 30, 2007, was $2.6 billion, including the senior credit facilities and $1 billion of junior debt. KAR's ADESA Whole Car business conducts used-car wholesale auctions and performs various ancillary pre-auction and post-auction services in the U.S. and Canada. The company's IAAI Salvage business operates salvage vehicle...
Companies mentioned in this report are: KAR Auction Services Inc.
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