SAN FRANCISCO, April 11, 2017 – The Presidio Group advised the ownership of Schumacher European, Ltd. in the sale of the Mercedes-Benz dealership in Phoenix, Arizona to Penske Automotive Group, Inc., the owner of 165 retail automotive franchises in the U.S. including 23 automotive franchises in the greater Phoenix market area, of which 15 are located adjacent to the acquired dealership.
The transaction was completed on April 10, 2017. Terms were not disclosed.
“We are very proud of Schumacher European and the great success we have enjoyed in the past three decades. We also understood that now was the time to sell our business for personal and family reasons and let the legacy continue under new ownership,” said Werner Schumacher, Founder and President of Schumacher European. Mr. Schumacher has been a Mercedes-Benz dealer in the Phoenix area since 1985. “I was pleased with the confidential and limited process that Presidio managed, which resulted in a great outcome for my partners and me. The Penske organization is a perfect fit for our dealership employees and customers.”
“Schumacher European is a well-respected and top performing Mercedes-Benz dealership that complements our existing footprint in Phoenix and strengthens our company’s overall automotive retail portfolio,” said Roger Penske, Chairman of Penske Automotive Group.
Brodie Cobb, Founder and CEO of Presidio, stated, “We are honored to have represented Werner Schumacher, his family and partners in this historic sale. This transaction shows the continued demand for luxury franchises and the strength of the wider auto dealership M&A market.”
Stephen Dietrich of Greenberg Traurig, LLP and Douglas Vande Krol of Santerre & Vande Krol, Ltd. served as legal counsel to Schumacher European.
The Presidio Group provided M&A advisory services to the ownership of Schumacher European through its wholly-owned investment bank, Presidio Merchant Partners LLC.