Industry Veterans Partner in Regional Platform
SAN FRANCISCO, May 16, 2017 – The Presidio Group advised Serra Automotive, Inc. in the sale of the majority interest in four dealerships in Colorado Springs, Colorado. Serra Automotive will remain a minority partner with Maroone Enterprises, Inc. The stores will be named Mike Maroone Chevrolet South, Mike Maroone Chevrolet North, Mike Maroone Volkswagen and Mike Maroone Honda.
The transaction was completed on May 15, 2017. Terms were not disclosed.
“We have been very happy with the performance of these four stores over the years. The time came to do some portfolio management, and I was fortunate that my friend of many years, Mike Maroone, had interest in purchasing the majority stake in these terrific stores and allowing me to remain on as a minority partner. This partnership will be great for our employees and customers,” said Joe Serra, President of Serra Automotive. Mr. Serra’s father, Al Serra, acquired Al Serra Chevrolet South in Colorado Springs in 1986, followed by opening and acquiring Al Serra Chevrolet North, Front Range Honda, and Al Serra Volkswagen between 1998 and 2003. “The Presidio Group was incredibly thoughtful, creative, and professional throughout this entire transaction.”
“Serra Automotive is one of the very best auto retail groups, and these four dealerships have a great reputation in Colorado Springs,” said Michael Maroone, President of Maroone Enterprises, a successful private capital dealer and former President and COO of AutoNation, Inc. from 1997 to 2015. “I look forward to partnering with Joe Serra to continue the success in this strong market.”
Bernard McAra of Gault Davison, P.C. and Patric Parker of Simen, Figura & Parker, PLC served as legal counsel and Ronald Sompels and Joseph Magyar of Crowe Horwath LLP provided accounting services to Serra Automotive. Stephen Dietrich of Holland & Knight LLP served as legal counsel and Timothy York, Jonathan Wilke, and Megan Miller of Dixon Hughes Goodman LLP provided accounting services to Maroone Enterprises.
The Presidio Group provided M&A advisory services to Serra Automotive through its wholly-owned investment bank, Presidio Merchant Partners LLC. “Presidio is pleased to have advised Serra Automotive in the creation of this partnership, which demonstrates the creative structures available to the best buyers and sellers in today’s marketplace,” said Brodie Cobb, Founder and CEO of Presidio. “It was an absolute honor and pleasure to work with two iconic dealers to put this transaction together.”