LONDON, Ontario -

This week, Canadian vehicle history reports provider CarProof revealed a couple of new developments.

On top of announcing a minority stake sale, the company said that Steve Macaluso, director of corporate accounts, is leaving the company to assume the role of managing director at Copart Canada.

Macaluso has been with CarProof since 2010 and brought with him 14 years of experience in the vehicle remarketing sector, holding executive level positions at both ADESA and Manheim.

Commenting on Maculoso’s time with CarProof, Drew Forret, chief operating officer and chief financial officer, said, “Steve has been an integral part of the team during his time at CarProof.

“He was instrumental in managing and growing the corporate accounts portfolio and helped launch CarProof’s Corporate Services division, offering new products and services for automotive manufacturers and finance companies. We thank Steve for his efforts and dedication over the past three years and wish him all the best in his new role.”

Macaluso also took a look back at his CarProof years, noting, “It was an absolute honour to be part of such an amazing team where I was able to watch and contribute in the evolution of the CarProof brand.

 “CarProof’s culture and achievements are unparalleled in today’s automotive industry. It is apparent that the business success comes from the passion and energy of the leadership team right down to every employee. One of my goals is to take some of the great things I learned at CarProof and apply them throughout my career going forward. I wish the entire team at CarProof continued success and thank everyone for all of the support and friendship I received throughout my tenure,” he continued.

CarProof Sells Minority Stake to American-Based Private Equity Investment Firm

In other news coming out of the company this week, CarProof announced Monday the sale of a minority stake in the company to an American-based private equity investment firm. 

The new minority stake holder is San Francisco-based Hellman & Friedman, which has offices in London, New York and San Francisco.

Ed Woiteshek, a director at Hellman & Friedman, commented on the news, stressing the potential of the vehicle history report market.

“Hellman & Friedman is thrilled to invest in and partner with CarProof,” said Woiteshek.  “We recognize that the vehicle history report industry is one with very strong potential and see this partnership as an incredible opportunity for both companies. We are enthusiastic about CarProof’s strategic vision for the future and are excited to support the company in its next phase of growth.”

Patrick Healy, deputy chief executive officer of the equity investment firm, explained that CarProof is the “the intersection of two areas of expertise” for the company: “investing in world class data and information services businesses and partnering with exceptional business leaders like Paul Antony (president and CEO at CarProof) and his co-founders through minority investments.”

Antony said, “Hellman & Friedman has a vast amount of experience across multiple industries and a fantastic track record of partnering with and scaling outstanding franchises.

“It was important to us to find a partner that would help us grow our company both strategically and organically while maintaining our core philosophy and corporate culture. We feel honoured to work with Hellman & Friedman, a company that has such an impressive pedigree. Leveraging each other’s strengths and relationships will create tremendous value for our customers and partners,” he concluded.

Jefferies LLC, the global investment banking firm, acted as financial adviser to CarProof.

Sarah Rubenoff can be reached at srubenoff@autoremarketing.com. Continue the conversation with Auto Remarketing Canada on LinkedIn and Twitter.