Barrett-Jackson Announces New Strategic Business Partnership With Endeavour Capital
SCOTTSDALE, Ariz., – September 19, 2007 - Barrett-Jackson Auction Co. LLC, today announced that Endeavour Capital has made a significant minority investment in the company. With the news of the addition of Endeavour as a strategic business partner, Barrett-Jackson also unveiled plans to move into the company’s new corporate headquarters in Scottsdale, Ariz., and announced the addition of several senior managers to the company’s management team.
“We are thrilled about the potential that exists with this partnership,” said Mark Dorman, Managing Director of Endeavour Capital. “Endeavour places a great deal of emphasis on business ethics as the cornerstone of the foundation for building long-term value. Our due diligence showed Barrett-Jackson to be the clear leader in the collector car industry, with high integrity, ethics and a commitment to continually improving business practices in this high-growth market.”
The company reports the partnership with Endeavour to be a key step in executing on its strategic growth plans. “Barrett-Jackson has been a family-owned business for 37 years,” said Craig Jackson, Barrett-Jackson Chairman/CEO. “We accomplished a great deal by building on the legacy established by my father, Russ Jackson, and his partner Tom Barrett. Now, with Endeavour and their vast resources on board, we can move more quickly to capitalize on the great business opportunities in front of us.”
The Endeavour team focuses on long-term investments with well-established companies. “Barrett-Jackson fits our investment profile well, in large part because of the strength of the company’s brand and the professionalism of the people behind the brand,” added Dorman. “We look forward to working with this team to continue to revolutionize the way business is done in the collector car industry.”
To help drive and manage the growth, Barrett-Jackson also announced additions and changes in senior staff. Mr. Jackson, who was Ernst & Young’s Entrepreneur of the Year – 2006 in the Arizona/Orange County region assumes the new position of Chairman/CEO where he will focus on the overall company vision. Steve Davis is President and Patrick van den Bossche is Chief Operating Officer. Gary Bennett, a customer of the company since its first auction event 37 years ago and an employee for more than five years, will now serve as Vice President of Consignment. Jason Rose, a seven year veteran of Barrett-Jackson with expertise in the company’s technology and logistics operations, has been promoted to Vice President of Operations.
Phil Neri, hired in 2006 to fuel growth of the company’s sponsorship program, has been promoted to Vice President of Sales. Joining the existing management team are Bryan Neff, Chief Financial Officer, and Ritchie Fliegler, Vice President of Marketing. Neff, a certified public accountant with experience in both “Big 4″ public accounting and private, entrepreneurial businesses joins the team with more than 15 years of financial management experience. Fliegler, an avid car collector and professional musician, was previously Senior Vice President of Marketing with Fender® guitars and oversaw significant growth of that company’s branding and licensing program.
“These promotions and the addition of key positions on our management team represent the evolution of Barrett-Jackson,” said Steve Davis, Barrett-Jackson president. “Barrett-Jackson is an institutional brand that requires the focus and dedication of professionals like these to foster its growth while ensuring that the spirit of this great hobby is preserved. We are now uniquely positioned to rapidly expand our business.”
With the news of these developments, Barrett-Jackson also announced the company will move into its new corporate headquarters in North Scottsdale before the end of the year. Located in the Scottsdale Airpark area, the new headquarters has room for the company’s growing team as well as facilities for a professional studio to accommodate the company’s expanding media and merchandising business. The Barrett-Jackson Showroom on Scottsdale Road will remain open as well.
“This is an exciting time in our company’s history,” concluded Jackson. “We look forward to sharing these times with our loyal customers and sponsors as we continue to build the most exciting venues for collector car events around the world.”
About Barrett-Jackson
Established in 1971 and headquartered in Scottsdale, Ariz., Barrett-Jackson specializes in providing products and services to classic and collector car owners, astute collectors and automotive enthusiasts around the world. The company produces the “World’s Greatest Collector Car Events™” in Scottsdale and Palm Beach, Fla. For more information about Barrett-Jackson, visit www.barrett-jackson.com or call (480) 421-6694.
About Endeavour Capital
Established in 1991 and headquartered in Portland, Oregon, with offices in Seattle, Washington, and Los Angeles, Endeavour specializes in private equity investments in entrepreneurial and family owned businesses. For more information about Endeavour Capital, visit www.endeavourcapital.com.