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The Presidio Group Advises on the Sale of Two Qvale Audi Dealerships in South Florida to Lithia Motors
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Rhea-AI Summary
The Presidio Group has advised Qvale Auto Group on the strategic sale of two Audi dealerships in Florida to Lithia Motors (NYSE: LAD). This acquisition is part of Lithia's strategy to expand its dealership brands in the region. Bryan DeBoer, Lithia’s CEO, expressed enthusiasm about entering the Florida market with Audi, given their success in other areas. The Presidio Group highlighted their extensive experience in the automotive retail sector, having completed over 205 transactions worth more than $14 billion.
Positive
Lithia Motors expands its footprint in Florida with the acquisition of two Audi dealerships.
The transaction aligns with Lithia's growth strategy and enhances its offerings to consumers in Florida.
Lithia's CEO indicates confidence in the brand's performance based on previous market successes.
Negative
None.
CORAL SPRINGS, Fla--(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 Qvale Auto Group on the strategic sale of two Audi dealerships located in Coral Springs and Ft. Lauderdale Florida to Lithia Motors (NYSE: LAD).
“We were looking to diversify our dealership brands and knew again turning to the consummate professionals at The Presidio Group to find the right buyer was our best move,” said Bruce Qvale, president of Qvale Auto Group, Inc. “Their advice and expertise were paramount to another seamless and successful transaction for our company.”
“We were excited when the Presidio team approached us about acquiring our first Audi franchises in Florida because we have had such great success with the brand in our other markets,” said Bryan DeBoer, Lithia and Driveway’s president and CEO. “This expands our footprint and offerings to consumers in the greater Florida markets. We welcome the dealership teams to the Lithia family.”
The Qvale Auto Group continues to operate Audi Lakeland and Volkswagen Brandon in Florida.
“The Presidio Group was honored to continue to advise the Qvale family as it defines its strategic growth objectives,” said Brodie Cobb, founder and CEO of The Presidio Group. “We knew these dealerships were a perfect fit with Lithia’s expansion strategy and, as always, Lithia facilitated a smooth and quick transaction.”
“Audi franchises are always in demand, especially in the much-coveted Florida market,” said George Karolis, president of The Presidio Group. “We were privileged to work with Bruce Qvale in this strategic divestiture. The Presidio group has now completed more than 205 transactions for over $14 billion, including 85 dealership franchise transactions in 2021 for more than $1.3 billion. We anticipate no slowdown in the pace for the remainder of the year.”
Alex Kurkin of Kurkin Forehand Brandes LLP served as legal counsel to Qvale. Stephen Dietrich and Sarah Seedig of Holland & Knight LLP served as legal counsel to Lithia.
The Presidio Group provided exclusive M&A advisory services to Qvale Auto Group through its wholly owned investment bank, Presidio Merchant Partners LLC.
About Qvale Auto Group:Qvale Auto Group was founded by Bruce Qvale’s father Kjell Qvale in 1947 to import MG sports cars, and later the VW Beetle, to the West Coast. Kjell Qvale was the co-founder and chairman of the first Pebble Beach Concours d ’Elegance and is a member of the British Sports Car Hall of Fame. The auto group currently owns two dealerships in Florida.
About Lithia Motors, Inc.: LAD is a growth company powered by people and innovations with a plan to profitably consolidate the largest retail sector in North America. As the leading provider of personal transportation solutions in North America, LAD is among the fastest-growing companies in the Fortune 500 and is currently ranked #231. LAD’s omni-channel strategy will continue to pragmatically disrupt the industry by leveraging experienced teams, vast owned inventories, technology, and physical network.
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 over 200 transactions for more than $14 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.
