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One of the most important strategic acquisitions in the retail sector to date
Presidio Group LLC (“Presidio”), a leading investment bank that specializes in retail trading of motor vehicles and similar mergers and acquisitions, has exclusively begged Park Place dealers to sell secure assets to Asbury Automotive Group (NYSE: ABG). These assets come with 3 Mercedes-Benz, 3 Sprinters, two Lexus, a Jaguar, a Land Rover, a Porsche and a Volvo franchise, as well as the Park Place auction and two accident centers. They’re all in the Dallas/Fort Worth area.
“This is a vital and complex transaction and we appreciate that Presidio guided our team through the process,” said Ken Schnitzer, president of Park Place dealerships. “Presidio, as well as Asbury Automotive, have been wonderful to paint with those memorable moments and, as a result, it will be an elegant transition for all concerned.”
Park Place Dealerships was founded in 1987 through Ken Schnitzer when he purchased a single Mercedes-Benz dealership in Dallas. Under his leadership, he has one of the most valuable franchise collections in the country. Dealers will continue to be named Park Place, related to maximum luxury.
“Park Place is considered one of the most productive and effective luxury store operators in the industry. Its portfolio includes a strong base of unwavering consumers and long-standing team members in the fast-growing Dallas/Fort Worth market. This acquisition will be our overall portfolio and will charge approximately $1.7 billion to expected annualized revenue,” said David Hult, Asbury’s president and CEO.
“Representing such a prestigious collection of brands was indeed an honor,” said Brodie Cobb, founder and CEO of Presidio Group, “just as it was with Ken Schnitzer, whom we have known for many years.”
“We have been privileged to have introduced this transaction exclusively and to execute one of the highest historical transactions in the automotive retail industry to date,” said George Karolis, president of The Presidio Group.
This is Presidio’s main transaction at the time of Dallas/Fort Worth this month and one of the largest dealer transactions to date. The design of the agreement was very complex and ended amid the market turmoil caused by the global pandemic.
Presidio Group provided exclusive advice on mergers and acquisitions to Park Place through its wholly owned investment bank, Presidio Merchant Partners LLC.
About Park Place Dealers:
Founded through Ken Schnitzer in 1987, Park Place dealerships represent luxury brands Lexus, Mercedes-Benz, Sprinter, Porsche, Volvo, Land Rover, Jaguar, Koenigsegg, Rolls-Royce, Bentley, McLaren, Maserati and Aston Martin in Dallas-Fort Worth. Metroplex. For more information, parkplace.com.
About Asbury Automotive Group:
Asbury Automotive Group, Inc., a Fortune 500 company headquartered in Duluth, GA, is one of the largest auto stores in the United States. Asbury has recently operated 83 dealerships, or 102 franchisees, representing 31 brands of domestic and foreign vehicles. Asbury also operates 24 frame repair centers. Asbury offers its consumers a wide variety of automotive products and services, adding new and used vehicle sales and similar financing and insurance, repair and repair services for vehicles, spare parts and service contracts.
Presidio Group LLC was founded in 1998 with the undeniable project of relentlessly putting the interests of our clients first. By adhering to this philosophy as a company, the company has earned the acceptance of customers throughout the United States. Throughout their careers, Presidio’s professionals have jointly conducted more than 190 transactions worth more than $10 billion. It also publishes Where the Rubber Meets the Road through Presidio, a leading source of data on the automotive retail landscape and the automotive retail M&A environment. The Presidio Group is founded in San Francisco, California. Presidio Merchant Partners LLC is a subsidiary of The Presidio Group LLC and is a member of FINRA and SIPC. For more information about Presidio, visit www.thepresidiogroup.com.
See the businesswire.com edition: https://www.businesswire.com/news/home/20200825005220/fr/
Contacts
Brodie Cobb Founder and CEO (415) [email protected] George Karolis, President (678) [email protected]