One of the largest strategic acquisitions in retail automotive to date
DALLAS – August 24 — The Presidio Group LLC (“Presidio”), a leading investment bank specializing in retail automotive and related M&A transactions, exclusively advised Park Place Dealerships on the sale of certain assets to Asbury Automotive Group (NYSE:ABG). Those assets include three Mercedes-Benz, three Sprinter, two Lexus, one Jaguar, one Land Rover, one Porsche and one Volvo franchise as well as the Park Place auto auction and two collision centers. All are in the Dallas/Fort Worth area.
“This was a large and complex transaction and we appreciated Presidio navigating our team through the process,” said Ken Schnitzer, Chairman of Park Place Dealerships. “Presidio, as well as Asbury Automotive, have been great to work with during these eventful times and as a result, this will be a smooth transition for all stakeholders.”
Park Place Dealerships was founded in 1987 by Ken Schnitzer when he acquired a single Mercedes-Benz dealership in Dallas. Under his leadership, it grew to become one of the most valuable collections of franchises in the country. The dealerships will continue to bear the Park Place name, which is associated with the ultimate in luxury.
“Park Place is highly regarded as one of the best and most efficient operators of luxury stores in the industry. Their portfolio of stores comes with a strong base of loyal clients and long-tenured team members throughout the high growth Dallas/Fort Worth market. This acquisition will enhance our total portfolio and add approximately $1.7 billion in expected annualized revenue,” said David Hult, President and CEO of Asbury.
“Representing such a stellar collection of brands was truly an honor,” said Brodie Cobb, founder and CEO of The Presidio Group, “as was working with Ken Schnitzer, whom we have known for many years.”
“We were privileged to have exclusively brought this deal to market and executed one of the most historic transactions in retail automotive to date,” said George Karolis, President of The Presidio Group.
This is Presidio’s second large transaction in the Dallas/Fort Worth area this month and one of the largest dealership transactions to date. The structure of the agreement was very complex and was completed in the midst of market turmoil due to the global pandemic.
The Presidio Group provided exclusive M&A advisory services to Park Place through its wholly owned investment bank, Presidio Merchant Partners LLC.
About Park Place Dealerships:
Founded by Ken Schnitzer in 1987, Park Place Dealerships represents luxury brands Lexus, Mercedes-Benz, Sprinter, Porsche, Volvo, Land Rover, Jaguar, Koenigsegg, Rolls-Royce, Bentley, McLaren, Maserati and Aston Martin in the Dallas-Fort Worth Metroplex. For more information, visit parkplace.com.
About Asbury Automotive Group:
Asbury Automotive Group, Inc., a Fortune 500 company headquartered in Duluth, GA, is one of the largest automotive retailers in the U.S. Asbury currently operates 83 dealerships, consisting of 102 franchises, representing 31 domestic and foreign brands of vehicles. Asbury also operates 24 collision repair centers. Asbury offers customers an extensive range of automotive products and services, including new and used vehicle sales and related financing and insurance, vehicle maintenance and repair services, replacement parts and service contracts.
The Presidio Group LLC 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 done over 190 transactions for over $10 billion. It also publishes Presidio’s Where the Rubber Meets the Road, a leading source of information about the automotive retail landscape and the automotive retail M&A environment. The Presidio Group is based in San Francisco, CA. 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.