Murgado Automotive Group has acquired Mercedes-Benz of Richmond and Mercedes-Benz of Midlothian, located in the greater Richmond, Virginia area, from Rod McGeorge. This announcement comes on the heels of the recent sale of McGeorge Toyota. Haig Partners LLC served as the exclusive sell-side advisor for this transaction.
The McGeorge family of dealerships has been serving the Richmond area for more than 60 years. Initially started as The David R. McGeorge Car Company used car dealership, the family acquired Mercedes-Benz of Richmond in 1955. McGeorge Toyota, which was recently sold to Graham Ourisman Automotive, was added in 1968, and Mercedes-Benz of Midlothian was awarded to the McGeorge family in 2003. Under Rod’s leadership, the McGeorge family of dealerships grew to more than 300 employees.
Rod McGeorge, the former owner, said, “My grandfather entered the franchised auto retail business with Mercedes-Benz of Richmond and a vision to grow. My father carried it forward, and now, as I step away, I feel an overwhelming sense of pride in what we built over these decades, and I look forward to spending some time enjoying the fruits of all the labor and dedication. It’s been an incredible journey! I’m excited to see Murgado Automotive Group continue the tradition of excellence we’ve established.”
Kevin Nill, Managing Director of Haig Partners and the advisor to McGeorge, said, “As with Toyota, Mercedes-Benz is a highly desired franchise, and coupled with the attractiveness of Richmond, VA, there was intense interest from many leading buyers.”
Nill continued, “It is a privilege to advise clients and help them maximize the value of their life’s work. When selling automotive dealerships, it’s not just about the numbers. It’s also about fostering strong buyer relationships and having a deep knowledge of the intricate OEM requirements and approval processes.”
Mario Murgado, CEO of Murgado Automotive Group, said, “Mercedes-Benz of Richmond and Mercedes-Benz of Midlothian have been top performers for decades in Central Virginia. I want to thank both the McGeorge family for working with us on this opportunity and Mercedes-Benz for trusting our company to build on the legacy of the dealerships and one of the most recognizable brands in the world.”