Asbury exits non-core market with strategic sale of dealership to Stream Firms
CHARLOTTESVILLE, Va., September 14, 2021–(BUSINESS WIRE)–The Presidio Group LLC (“Presidio”), an impartial service provider banking agency centered on mergers and acquisitions, capital elevating, and investments within the automotive retail and client mobility sectors, solely suggested Asbury Automotive Group (NYSE: ABG) on the sale of BMW of Charlottesville to Stream Firms.
“As we made the choice to exit the Charlottesville market, we as soon as once more turned to The Presidio Group to help with this strategic divestiture of our solely dealership within the space,” stated Asbury’s president and CEO David Hult. “The crew of consummate professionals at Presidio recognized a super purchaser and facilitated a fast and seamless transaction that met all of our objectives, and we couldn’t be extra happy with the result”.
“We’re excited so as to add to our footprint within the Charlottesville market and couldn’t ask for a greater franchise than BMW,” stated Don Stream, chairman and CEO of Stream Automotive Firms. “I attended college in Charlottesville and am personally linked to this superb neighborhood. We welcome the associates at BMW of Charlottesville to our crew and sit up for additional serving this nice neighborhood.”
“A BMW franchise is all the time highly-desirable and we had been honored to carry Asbury and Don Stream collectively on this transaction, which helped each events additional their strategic objectives,” stated Brodie Cobb, founder and CEO of The Presidio Group.
“We had been privileged to have as soon as once more been entrusted by Asbury Automotive Group to solely help with one other strategic transaction,” stated George Karolis, president of The Presidio Group. “This sale represents the 24th luxurious dealership franchise and 77th total dealership franchise transaction facilitated by The Presidio Group in 2021.”
Katherine Frazier and Ryan Angel of Hill Ward Henderson served as authorized counsel to Asbury Automotive Group. G. William Joyner, III and Michael A. Myers of Kilpatrick Townsend & Stockton LLP served as authorized counsel to the client.
The Presidio Group offered unique M&A advisory companies to Asbury Automotive by way of its wholly owned funding financial institution, Presidio Service provider Companions LLC.
About Asbury Automotive Group: Asbury Automotive Group, Inc. (NYSE: ABG), a Fortune 500 firm headquartered in Duluth, GA, is likely one of the largest automotive retailers within the U.S. In late 2020, Asbury launched into a 5-year plan to strategically improve income and profitability by way of natural and acquisitive development in addition to their revolutionary Clicklane digital automotive buying platform, with its guest-centric strategy as Asbury’s fixed North Star. Asbury provides an in depth vary of automotive services, together with new and used automobiles; elements and repair, which incorporates automobile restore and upkeep companies, substitute elements and collision restore companies; and finance and insurance coverage merchandise, together with arranging automobile financing by way of third events and aftermarket merchandise, akin to prolonged service contracts, assured asset safety debt cancellation, pay as you go upkeep, and credit score life and incapacity insurance coverage. For extra info, go to www.asburyauto.com.
About Stream Automotive Firms: Based by the Stream household in 1957, Stream Automotive Firms as we speak consists of 45 rooftops in North Carolina and Virginia. The group defines itself by three ideas: A covenant with clients that it’s worthy of their belief; a neighborhood of individuals working in direction of a typical imaginative and prescient; and a dedication to work in direction of the widespread good in each metropolis during which it does enterprise. It helps non-profits, sports activities, increased training, arts, and music in these communities.
The Presidio Group LLC was based in 1998 with the easy mission to relentlessly put the pursuits of our purchasers first. By steadfastly adhering to this philosophy, the agency has earned the belief of purchasers all through the US. Throughout their careers, the professionals at Presidio have collectively carried out greater than 200 transactions for over $13.7 billion. It additionally publishes Presidio’s The place the Rubber Meets the Highway, a number one supply of details about the automotive retail panorama and the automotive retail M&A surroundings. The Presidio Group relies in Denver and Atlanta. Presidio Service provider Companions LLC is a subsidiary of The Presidio Group LLC and is a member of FINRA and SIPC. For extra info on Presidio, go to www.thepresidiogroup.com.
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