The high M&A activity we have been seeing continued through the month of February, with the following list including some of the most notable transactions within the past few weeks.
Jeff Wyler Automotive Family
On February 10, Haig Partners LLC advised Superior Auto Group in its sale of multiple dealerships to the Jeff Wyler Automotive Family. The sale consisted of three Hyundai dealerships, two Acura dealerships, and Honda and Kia dealerships. All seven dealerships are located in Ohio and will be rebranded under the Jeff Wyler name. Superior Auto Group President John Betagole stated, “I am happy the Wylers are buying the stores as I know they will continue to build on the legacy our family has created.” Jeff Wyler Automotive Family President David Wyler said, “We know one direction – forward – as we continue to grow and lead the market not only in Cincinnati, but nationwide.”
Foundation Automotive Corp.
On February 23, Foundation Automotive Corp. announced it had acquired eight dealerships from the Patterson Family of Dealerships in Texas. The dealerships include Buick GMC, Cadillac, Hyundai, BMW, Chrysler-Dodge-Jeep-Ram, Kia, RV, and Economy Cars dealerships, and they have all been rebranded under Foundation’s name. Former owner Paul Tigrett said that when his group decided to sell, it was “looking for a group that was community and employee minded, and Foundation matches that perfectly.”
Foundation CEO Kevin Kutschinski said it is his company’s responsibility “to continue the legacy that [prior owners] Mr. Patterson and Mr. Tigrett brought to the community of Wichita Falls, which was reflected through their customer satisfaction.” The acquisitions represent how quickly Foundation Automotive Corp. is growing, as it now has 29 dealerships throughout North America.
Penske Automotive Group
Michigan-headquartered Penske Automotive Group announced at the end of February that it had acquired TEAM Truck Centres (“TEAM”). TEAM is a retailer of both medium-duty and heavy-duty commercial trucks, and the acquisition of the four full-service dealerships in Canada will add around $150 million in annual revenue for Penske’s subsidiary Premier Truck Group (PTG). PTG President Richard Shearing said in a statement that “these new locations are complementary to our existing locations in Ontario, improve our scalability, and increase our ability to service trucks remotely through TEAM Truck Centres mobile product support vehicles.”
C Harper Auto Group
In February, Pennsylvania-based C Harper Auto Group said it had acquired Rotolo’s Dodge Chrysler Jeep RAM dealership in Charleroi, Pennsylvania. The dealership has served the Pittsburgh area for over three decades and has been renamed C Harper CDJR Mon Valley. C Harper spokesperson Kimberly Loszewski said financial terms could not be disclosed but that “C Harper is growing, and it’s always about job creation.” The acquisition will be C Harper’s eighth location.
White Family Companies Inc.
In early February, White Family Companies expanded its Kentucky presence with the purchase of Sisk Auto Mall, which includes Chrysler-Dodge-Jeep-Ram, Honda, and Nissan dealerships. When speaking about his group acquiring the Sisk family’s dealerships, White Family Companies chairman Tim White said that “it is not often you are able to combine such similar operations.” White Family Companies expects the acquisition to add around $100 million in sales annually, and the group is now operating a total of 26 dealerships throughout Kentucky, Ohio, South Dakota, and Wyoming.
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