Craig Jackson, owner of the Barrett-Jackson Auction Co., based in
Scottsdale, Ariz., recently announced his business has added a minority
investment partner, Endeavour Capital of Portland, Ore.
According to a story published in the Scottsdale Tribune, Jackson’s reason for pursuing an investment partner is to achieve his goal of taking the Barrett-Jackson business and brand “to the level of Harley-Davidson or NASCAR.”
Jackson has owned the Barrett-Jackson Auction Co. since 1997, when he bought out co-founder Tom Barrett’s ownership half. The auction company was founded by Barrett and Russ Jackson, Craig’s father, almost four decades ago.
The business has grown under Jackson’s direction to include two auctions, one held in Scottsdale and one in Palm Beach, Fla., that generated a combined $144 million in sales in 2007. The business also owns multimedia properties including television shows and a magazine.
Jackson told the Scottsdale Tribune that Endeavour Capital’s influx of cash will allow for him to become the company’s “visionary” and move away from being the hands-on manager of daily operations. Jackson added that Endeavour Capital’s investment is “significant, but still minority” as far as business ownership is concerned.
Jackson also said that he is bolstering his management staff to handle the expected growth of the business. Steve Davis, current president of Barrett-Jackson Auction Co., will be aided by six new positions being created in the form of a chief operations officer, chief financial officer and four vice-presidents.
Endeavour Capital currently specializes in private equity investments and family-owned businesses, with a portfolio that includes grocery stores, hotel management businesses and food and beverage distributors.