Insurance Auto Auctions Inc., a provider of automotive salvage and claims processing services in the United States, announced the acquisition of Mountain States Salvage Pool located in Ogden, Utah. Situated just north of Salt Lake City, the 22-acre facility represents the Company’s first location in the state of Utah. The acquisition also signals IAA’s cost effective entry into a new market, as no other Company branches currently exist within a 300-mile radius of the new facility.
“The acquisition of Mountain States Salvage Pool offers us a unique opportunity to expand in an area in which we have not had a presence historically,” said Tom O’Brien, CEO of IAA. “We believe the acquisition was a cost effective way to enter this new market, as their current relationships give us a strong foundation upon which we can build. We look forward to expanding our presence in the area in the quarters ahead.”
O’Brien added, “As the sixth new branch we’ve added so far this year, we have already reached our goal of adding six to ten new branches during the year. However, we believe a number of growth opportunities still exist throughout the country, and we will continue to deploy capital in those facilities that we believe offer our shareholders the best return on their investment.”
Topics Mergers & Acquisitions Auto
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