Announcing the Sale of Dayton Xenia Auto and Recycling and Riverside Auto
On Friday, September 8 the ownership of Dayton Xenia Auto and Recycling and Riverside Auto was transferred to Renascent Salvage Holdings LLC. The previous owners, Dan Schaffeld, Tim Caldwell and JR Ellison will work with the new owner to provide an orderly transition.
Representing the parties in this multi-million dollar transaction were Gerry Chadwick and Roland Rapp of Sunbelt Business Advisors of Southwest Ohio.
Dayton Xenia Auto has operated as an auto parts salvage yard and recycling center since the early 1950’s. In 2004 the yard was purchased by the current ownership. Dayton Xenia Auto & Recycling (DXA&R) is located on approximately 26 acres at 1094 Cincinnati Avenue in Xenia, Ohio. The recycling operation occupies approximately 10 acres of the operation property. The remainder of the 26 acres contains approximately 700 parts vehicles as the inventory.
Riverside Auto, LLC has operated as an auto parts salvage yard since the early 1950’s. In 2005 the yard was purchased by the current ownership and an extensive reorganization plan was put in place to align its operation with Dayton Xenia Auto and Recycling. Riverside Auto, LLC is located on 12 acres at 561 West Central Ave. in West Carrollton, Ohio.
The acquisition group of Renascent Salvage Holdings is headed by CEO Alan Pitney. Pitney is an executive with demonstrated achievement in global Operations with P&L management across Corporate, Private Equity and Portfolio Company settings. Pitney’s interest in the auto parts salvage business comes from a personal passion for restoring classic autos and extensive use of salvaged auto parts in the restoration process.
The acquisition group also includes Evolution Capital Partners as investors and partners with Renascent Salvage Holdings (“Renascent”), a holding company established to acquire and create a network of automotive salvage yards and recycling facilities across the Midwest. The initial platform investment, Dayton Xenia Auto and Riverside Auto will be referred to as Renascent Dayton, using the existing business names as dba’s. These operations will act as the base from which to add synergistic facilities to the network.