Asbury Automotive Group Continues Expansion in Indianapolis Market
SAN FRANCISCO, January 9, 2018 – The Presidio Group advised the ownership of Terry Lee Companies, Inc. in the sale of the Honda dealership in Avon, Indiana, west of Indianapolis, to Asbury Automotive Group, Inc., the owner of 94 retail automotive franchises in the U.S. including ten Honda franchises and Hare Chevrolet in the Indianapolis market area. Terry Lee Honda will be renamed Hare Honda.
The transaction involving the Honda dealership was completed January 8, 2018. Terms were not disclosed.
“I am very pleased with the result and timing of this transaction. I am confident that Asbury is truly the right buyer for our employees and our customers,” said Terry Lee, Owner of Terry Lee Honda. Mr. Lee has over 40 years of automotive retail experience in the Midwest, beginning his career at age 21 in Indianapolis before moving to Cincinnati, Ohio to open Terry Lee Chevrolet. He returned home to the Indianapolis market area in 2008 to open Terry Lee Honda, which has consistently won the Honda President’s Award, been on the Top 100 Automotive News Best Dealerships to Work For list, and received the Indianapolis Star Top Workplaces Award as one of the top 75 employers in Indiana for six years in a row.
In 2014, Terry Lee started Terry Lee Crossing, a 72-acre commercial real estate development on Highway 37, just ten minutes north of Indianapolis in Noblesville. In 2015, he built new dealerships for the Genesis and Hyundai franchises with room for five more manufacturers or other commercial properties. This will now be his primary focus.
“The Presidio Group provided excellent representation and ran a thorough and confidential process,” Mr. Lee continued.
“Asbury is very happy with this acquisition as it further expands our footprint in this great market. Terry Lee Honda is a well-run operation with a great reputation,” said David Hult, President and Chief Executive Officer of Asbury. “We look forward to further success in the Indianapolis market with Hare Honda and with Hare Chevrolet.”
“Presidio is honored to have assisted in bringing this transaction together,” said Brodie Cobb. Mr. Cobb is Founder and CEO of The Presidio Group, which advised Mr. Lee in the sale of the Honda dealership. “Terry Lee is an excellent dealer who has worked hard over the years to earn the dealership’s stellar reputation. This transaction is evidence that buyers are still actively looking for quality franchises.”
Geoffrey Grodner and Dustin Plummer of Mallor Grodner LLP served as legal counsel to Terry Lee Companies. Kevin Sutton and Katherine Frazier of Hill Ward Henderson served as legal counsel to Asbury.
The Presidio Group provided M&A advisory services to Terry Lee Companies through its wholly-owned investment bank, Presidio Merchant Partners LLC.