Acquisition costs hurt Adesa profit in first quarter

Costs associated with the April 20 acquisition of Adesa Inc. by a group of private equity funds caused first-quarter profit to rise only 3.9 percent, to $38 million, the Carmel-based auto auction reported late yesterday. Had it not been for the $2.4 million expense, earnings would have increased 11.3 percent.

Kelso & Co., Goldman Sachs affiliate GS Capital Partners, ValueAct Capital and Parthenon Capital valued the deal at $3.7 billion.

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