XLerate Group will have a new majority owner.

Private equity firm Brightstar Capital Partners announced Thursday it has entered a definitive agreement to acquire a majority stake in the auto auction and remarketing facilitation company.

Current owner Huron Capital and XLerate’s senior management team will retain minority equity stakes.

Terms of the transaction were not disclosed.

“We’re excited to partner with CEO Cam Hitchcock and Xlerate’s experienced and talented team to fuel the Company’s growth in this fragmented industry,” Brightstar founder and chief executive officer Andrew Weinberg said in a news release. “Combining management’s unparalleled knowledge of the auto industry with our resources and network of relationships, we aim to add value for XLerate’s customers and employees as well as our investors.”

Hitchcock, the XLerate CEO, added: “We are thrilled to join forces with Brightstar to scale XLerate even further. Their team’s relationship-driven approach is perfectly suited for the auction industry, and Brightstar’s prior experience in a related vertical and operational acumen will facilitate new opportunities for us.”

Huron Capital purchased what was then known as the American Auto Auction Group in 2014. The auction company rebranded as XLerate later that year.

“We are proud to have played a part in XLerate’s success to this point,” said Peter Mogk, senior partner at Huron Capital, in the release. “Huron Capital looks forward to partnering with Brightstar and XLerate’s management team as Xlerate enters into the next phase of its growth as an innovative leader in the industry.”