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Wholesale Express is Acquired by New Investors, Led by a Management Buyout

CNW Group
·2 min read

Plan to expand dominant Eastern Canada business to broader Canadian Market

MONTREAL, Feb. 16, 2024 /CNW/ - Wholesale Express Inc. ("WE" or the "Company"), a leading Canadian online marketplace that caters exclusively to automotive dealers who transact in the used vehicle wholesale market is pleased to announce that it has been successfully acquired by an investor group comprised of Management and AshMark Inc., and supported by CIBC, Highcrest Capital, Andy Le and John Konop.

The investor group collectively purchased the company with the stated goal of rolling out its dominant Eastern Canada wholesale automotive business to the broader Canadian market in 2024. In 2023, Wholesale Express transacted over 25,000 vehicles through its online marketplace. The company's unique combination of rapid settlement, fast delivery, and high closure rates for its 4,500 strong dealer network make it one of the largest used vehicle wholesale automotive marketplace in Canada and under the new financing positively poised for continued growth and expansion.

As part of the Management-led transaction, Eric Gosselin, who co-founded the company in 2013 and departed when it was sold in 2021, has returned as CEO of Wholesale Express.

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"I am excited to be back at Wholesale Express, especially with our new funding and management partners," said Eric Gosselin, CEO Wholesale Express. "The company is now both well financed and positioned to expand outside of Eastern Canada and into the rest of Canada, while enhancing our online marketplace software and new service offerings for our dealer clients."

About the Investment Group

AshMark Inc. is a financial structuring and management advisory company based out of Toronto. Mark Pavan, CEO, stated, "We are excited to partner with CIBC, HighCrest, Management and the Board to expand the footprint of Wholesale Express and bring this amazing platform to the broader Canadian market. The company is now well capitalized and with this augmented Management team and Board, we have high expectations for 2024."

Highcrest Capital has a track record of supporting businesses with both positive cash flow and significant growth prospects. The company is based out of Texas and manages a CAD$1 Billion credit fund.

Andy Le was previously the CFO of Industrial Alliance Auto Finance and he also co-founded MechaniQ and AutologiQ. MechaniQ operates in the automotive repair industry in Ontario, and AutologiQ provides repair financing to over 400 service providers across Canada.

John Konop is the Managing Partner of Savent Financial.  John has a long history in the alternative payments industry, having worked as a key executive at CAN Capital, the first nationally successful company to factor credit card sales.

SOURCE Wholesale Express

Cision
Cision

View original content: http://www.newswire.ca/en/releases/archive/February2024/16/c0728.html