The Auto Channel
The Largest Independent Automotive Research Resource
The Largest Independent Automotive Research Resource
Official Website of the New Car Buyer

Copart Announces an Agreement to Acquire up to 23 Sadisco Facilities

28 August 2000

Copart Announces an Agreement to Acquire up to 23 Sadisco Facilities

    BENICIA, Calif.--Aug. 28, 2000--Copart, Inc. today announced the signing of an agreement to acquire up to 23 locations of the Sadisco chain of salvage auctions from Charles H. Powers. Mr. Powers owns or controls 23 out of a total 43 Sadisco franchise facilities located throughout the Southeastern United States. During calendar 1999, these 23 facilities generated gross auction proceeds that are estimated to exceed $180 million. The 23 locations occupy approximately 800 acres of real estate in seven states.
    Under the terms of the agreement Copart expects to acquire the businesses and intangibles for approximately $46 million plus certain real estate. The exact purchase price is subject to adjustment based on the final number of facilities actually acquired which should be between 19 and 23. Copart expects to pay for the business with cash and new debt. The transaction is subject to federal regulatory and other approvals and is expected to close by the end of 2000.
    "We are very excited to have these Sadisco facilities joining Copart," said Willis J. Johnson, Copart's Chief Executive Officer. "We look forward to bringing to their suppliers and buyers Copart's state-of-the-art Auction, Internet and Transportation systems. With the addition of these new facilities and others in the works, Copart should have over 100 locations by the end of calendar 2000."