Private Dealer Groups Seek Strategic Transactions
SAN FRANCISCO, January 14, 2016 – The Presidio Group LLC, through its subsidiary Presidio Merchant Partners LLC, advised the shareholders of Fisher-Haas Infiniti, Inc. and Clear Lake Infiniti, LP in the sale of both dealerships to one of the largest Texas-based private dealership groups. The purchaser, John Eagle Automotive Group, headquartered in Dallas, has 10 dealerships in Texas, including four dealerships in the Houston area.
The transaction was completed on January 11, 2016. Terms were not disclosed.
“When we decided to sell the businesses, it was very important to us to select an investment banker who would respect the quality of the team that built these businesses to carry on our corporate culture and the legacy of our families,” said Fred Haas of Fred Haas Interests, who was one of the original Infiniti dealers in the U.S. “Presidio understood these objectives and ran a professional and confidential process to identify the perfect buyer for us. Presidio’s leadership and deep knowledge of the private and public dealership acquirers and assistance through the transaction closing was incredibly valuable to us.” The Haas Family will continue to own and operate their other four dealerships in Houston.
“We are pleased to expand our presence in the Houston market by becoming part of the Infiniti family and look forward to working with the current management team to continue building the Infiniti brand and customer experience in Houston,” said Rene Isip, COO of the John Eagle Automotive Group. “We are excited to expand further in the Texas market and appreciate the opportunity to work with the distinguished Haas Family in the acquisition of these excellent assets,” said John Eagle, CEO of the John Eagle Automotive Group.
Brodie Cobb, Founder and Executive Chairman of Presidio and head of the firm’s automotive practice stated, “We were pleased to represent Fred Haas and his shareholders on this transaction. The sale of these two strong Infiniti stores in Houston demonstrates the continued strength of the auto dealership M&A market. It further reiterates the strategic acquisition approaches and strong financial and management resources of certain private dealer groups across the U.S.”
Craig M. Bergez of Porter Hedges LLP with its primary offices in Houston, Texas, legal counsel for Fred Haas Interests, served as lead legal counsel and W. Clinton Bennett, CPA of Melton & Melton, L.L.P. provided accounting services to Fisher-Haas Infiniti, Inc. and Clear Lake Infiniti, LP. Daniel J. Hoops of Shackelford, Melton, McKinley & Norton, LLP with its primary offices located in Dallas, Texas served as legal counsel and Leslie D. Fry, CPA of Dixon Hughes Goodman LLP provided accounting services to the John Eagle Automotive Group.
Presidio’s automotive practice focuses on dealership transactions over $25 million in value. Presidio’s professionals have closed more than 50 auto retail related purchases, sales, and capital raises totaling more than $3 billion. They also publish Presidio’s Where the Rubber Meets the Road, a leading source of information for auto retailers on corporate finance and M&A activity, and speak at numerous industry conferences.