The Presidio Group Advises Asbury Automotive Group on the Sale of Delaware Lexus Store
05 Marzo 2024 - 5:21PM
Business Wire
The Presidio Group LLC (“Presidio”), an independent merchant
banking firm focused on mergers and acquisitions, capital raising
and investments in the automotive retail and consumer mobility
sectors, exclusively advised Asbury Automotive Group, Inc. of
Duluth, Ga., on the sale of a Lexus dealership in Wilmington, Del.,
to MileOne Autogroup of Towson, Md.
The transaction, which was finalized March 4, included Koons
Wilmington Lexus and its real estate. Asbury had acquired the Lexus
store in December as part of its acquisition of the larger Jim
Koons Automotive Companies.
“The Presidio Group, one of our trusted advisors, swiftly found
a strategic buyer for this store and facilitated a quick and
seamless transaction,” Asbury CEO David Hult said. “The care and
expertise brought to this deal by the Presidio team was top-notch,
and we appreciate their efforts in bringing this transaction to
fruition in a way that benefited both Asbury and MileOne.”
For MileOne, the deal marks its first location in Wilmington and
its second Lexus dealership.
“We are thrilled to welcome another Lexus store to the MileOne
network. When this location became available, we knew immediately
that it would be a terrific addition to our portfolio,” MileOne
Autogroup Vice President Michael Fader said. “We appreciate the
leadership at Asbury and the professionals at Presidio for bringing
this opportunity to us. The Presidio team’s smooth oversight of the
deal process was exemplary.”
Alex Watterson, managing director of The Presidio Group, said,
“It’s been a privilege for the Presidio team to facilitate this
transaction and represent Asbury in the sale of this
high-performing store representing such a lauded brand as Lexus.
Dealership M&A activity has already gotten off to a fast start
in 2024, and Presidio expects the busy pace to continue.”
“Presidio was honored to represent Asbury in this transaction,
and we congratulate David Hult of Asbury and the MileOne team on
the successful sale of this store,” said George Karolis, president
of The Presidio Group. “Asbury is one of the best retailers in the
auto industry, and it’s exciting to watch the company continue to
execute on its overall strategic growth and M&A initiatives. We
were pleased to once again to be entrusted to assist Asbury’s
leadership in an important deal.”
David Grubman with Jones Day served as outside legal counsel to
Asbury. Amy Capobianco with McNees was outside legal counsel for
MileOne.
The Presidio Group provided exclusive M&A advisory services
to Asbury through its wholly owned investment bank, Presidio
Merchant Partners LLC.
About Asbury Automotive Group, Inc.
Asbury Automotive Group, Inc. (NYSE: ABG), a Fortune 500 company
headquartered in Duluth, Ga., is one of the largest automotive
retailers in the U.S. In 2024, Asbury announced a multi-year plan
to strategically grow and transform the business through organic
and acquisitive growth as well as its innovative online purchasing
platform, with its guest-centric approach as Asbury’s constant
North Star. As of March 4, 2024, Asbury operated 157 new vehicle
dealerships, consisting of 206 franchises and representing 31
domestic and foreign brands of vehicles. Asbury also operates Total
Care Auto, powered by Landcar, a leading provider of service
contracts and other vehicle protection products, and 37 collision
repair centers. Asbury offers an extensive range of automotive
products and services, including new and used vehicles; parts and
service, which includes vehicle repair and maintenance services,
replacement parts and collision repair services; and finance and
insurance products and services, including arranging vehicle
financing through third parties and aftermarket products such as
extended service contracts, guaranteed asset protection debt
cancellation and prepaid maintenance plans. Asbury ranked 18th in
the 2023 Forbes list of America’s Best Mid-Sized Companies. Asbury
was recognized as one of America’s Greatest Workplaces 2023 by
Newsweek and as one of the Best Companies to Work For among
retailers by U.S. News & World Report. For additional
information, visit www.asburyauto.com.
About MileOne Autogroup
MileOne Autogroup, based in Towson, Md., is one of the largest
automotive retailers in the United States with a network of
dealerships operating throughout the Mid-Atlantic region. MileOne
owns 68 auto dealerships representing 24 brands. It offers a wide
selection of new and used vehicles, related financing services and
vehicle repair and maintenance services. For additional
information, visit www.mileone.com.
About The Presidio Group LLC
The Presidio Group was founded in 1998 with the simple mission
to relentlessly put the interests of our clients first. By
steadfastly adhering to this philosophy, the firm has earned the
trust of clients throughout the United States. During their
careers, the professionals at Presidio have collectively closed
over 270 transactions for more than $18 billion. The Presidio
Group, based in Denver and Atlanta, publishes Presidio
Perspectives: A Quarterly Outlook on Auto Retail and M&A
Trends, a leading source of information about the automotive retail
landscape. Presidio Merchant Partners LLC is a subsidiary of The
Presidio Group LLC and is a member of FINRA and SIPC. For more
information on Presidio, visit www.thepresidiogroup.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240305230423/en/
Brodie Cobb (720) 844-3151 bcobb@thepresidiogroup.com
George Karolis (678) 831-5520 gkarolis@thepresidiogroup.com
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