Friday, March 9, 2012

Noro-Moseley Partners announces sale of Dealer Services Corp

CED Member Noro-Moseley Partners recently announced the acquisition of Dealer Services Corporation (DSC), an Indianapolis-based inventory finance provider in which Noro-Moseley was a primary investor to Manheim.

Manheim announced it has completed its planned purchase of Dealer Services Corporation (DSC), for an undisclosed amount on March 2, 2012.

“We are excited about all the benefits of this acquisition for customers,” said Sandy Schwartz, president of Manheim. “Manheim is always looking for ways to enhance our service offerings to customers, and adding the DSC line to the existing Manheim Financial Services (MAFS) products allows us to broaden our lending scope and customer base.”

Manheim will continue both the MAFS and DSC brands and operate the companies separately, according to the company. Barclays Capital acted as the financial advisor to Manheim, while William Blair & Company acted as the financial advisor to DSC. Noro-Moseley Partners was a major investor in DSC since the company's inception in 2005.

“Like Manheim, DSC is a company that focuses on the success of its customers,” said Brian Geitner, president of DSC. “Our mission of empowering our customers with strategic products and services is only more enhanced by joining the Manheim group of companies. It’s easy to see how MAFS’ and DSC’s service platforms will complement each other and broaden Manheim’s service reach across the country.”