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The Presidio Group Advises Asbury Automotive on the Sale of BMW of Charlottesville
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
Asbury Automotive Group (NYSE: ABG) has announced its strategic exit from the Charlottesville market by selling its BMW dealership in the area to Flow Companies. This transaction, facilitated by The Presidio Group, marks a key move in Asbury's ongoing efforts to optimize its portfolio. CEO David Hult expressed satisfaction with the sale, highlighting it as a seamless process. The Presidio Group has successfully completed 24 luxury franchise transactions this year, underlining its expertise in automotive mergers and acquisitions.
Positive
Successful divestiture of non-core BMW dealership in Charlottesville enhances operational focus.
Transaction aligns with Asbury's strategic plan to optimize its dealership portfolio.
Negative
None.
Asbury exits non-core market with strategic sale of dealership to Flow Companies
CHARLOTTESVILLE, Va.--(BUSINESS WIRE)--
The Presidio Group LLC (“Presidio”), an independent merchant banking firm focused on mergers and acquisitions, capital raising, and investments in the automotive retail and consumer mobility sectors, exclusively advised Asbury Automotive Group (NYSE: ABG) on the sale of BMW of Charlottesville to Flow Companies.
“As we made the decision to exit the Charlottesville market, we once again turned to The Presidio Group to assist with this strategic divestiture of our only dealership in the area,” said Asbury’s president and CEO David Hult. “The team of consummate professionals at Presidio identified an ideal buyer and facilitated a quick and seamless transaction that met all of our goals, and we could not be more pleased with the outcome”.
“We are excited to add to our footprint in the Charlottesville market and could not ask for a better franchise than BMW,” said Don Flow, chairman and CEO of Flow Automotive Companies. “I attended university in Charlottesville and am personally connected to this amazing community. We welcome the associates at BMW of Charlottesville to our team and look forward to further serving this great community.”
“A BMW franchise is always highly-desirable and we were honored to bring Asbury and Don Flow together on this transaction, which helped both parties further their strategic goals,” said Brodie Cobb, founder and CEO of The Presidio Group.
“We were privileged to have once again been entrusted by Asbury Automotive Group to exclusively assist with another strategic transaction,” said George Karolis, president of The Presidio Group. “This sale represents the 24th luxury dealership franchise and 77th overall dealership franchise transaction facilitated by The Presidio Group in 2021.”
Katherine Frazier and Ryan Angel of Hill Ward Henderson served as legal counsel to Asbury Automotive Group. G. William Joyner, III and Michael A. Myers of Kilpatrick Townsend & Stockton LLP served as legal counsel to the buyer.
The Presidio Group provided exclusive M&A advisory services to Asbury Automotive through its wholly owned investment bank, Presidio Merchant Partners LLC.
About Asbury Automotive Group: Asbury Automotive Group, Inc. (NYSE: ABG), a Fortune 500 company headquartered in Duluth, GA, is one of the largest automotive retailers in the U.S. In late 2020, Asbury embarked on a 5-year plan to strategically increase revenue and profitability through organic and acquisitive growth as well as their innovative Clicklane digital car purchasing platform, with its guest-centric approach as Asbury’s constant North Star. Asbury offers an extensive range of automotive products and services, including new and used vehicles; parts and service, which includes vehicle repair and maintenance services, replacement parts and collision repair services; and finance and insurance products, including arranging vehicle financing through third parties and aftermarket products, such as extended service contracts, guaranteed asset protection debt cancellation, prepaid maintenance, and credit life and disability insurance. For additional information, visit www.asburyauto.com.
About Flow Automotive Companies: Founded by the Flow family in 1957, Flow Automotive Companies today includes 45 rooftops in North Carolina and Virginia. The group defines itself by three principles: A covenant with customers that it is worthy of their trust; a community of people working towards a common vision; and a commitment to work towards the common good in every city in which it does business. It supports non-profits, sports, higher education, arts, and music in those communities.
The Presidio Group LLC was founded in 1998 with the simple mission to relentlessly put the interests of our clients first. By steadfastly adhering to this philosophy, the firm has earned the trust of clients throughout the United States. During their careers, the professionals at Presidio have collectively done more than 200 transactions for over $13.7 billion. It also publishes Presidio’s Where the Rubber Meets the Road, a leading source of information about the automotive retail landscape and the automotive retail M&A environment. The Presidio Group is based in Denver and Atlanta. Presidio Merchant Partners LLC is a subsidiary of The Presidio Group LLC and is a member of FINRA and SIPC. For more information on Presidio, visit www.thepresidiogroup.com.
