Haig Partners Serves as the Exclusive Sell-Side Advisor on the Sale of La Crosse Truck Center Ford and La Crosse Truck Center Mack-Isuzu

Rhea-AI Summary

Haig Partners , a leading buy-sell advisory firm, has successfully facilitated the sale of La Crosse Truck Center Ford and La Crosse Truck Center Mack-Isuzu. The Ford dealership was acquired by Dahl Automotive, while the Mack-Isuzu dealership was sold to Kriete Truck Centers. These transactions followed the recent sale of three Freightliner-Western Star dealerships to Premier Truck Group, a subsidiary of Penske Automotive Group (NYSE: PAG).

The sales process involved navigating complex OEM restrictions and managing multiple transactions simultaneously. Haig Partners' expertise in the medium and heavy-duty truck market was important in achieving optimal outcomes for the seller, Joe Laux, former owner and CEO of River States. The transactions expand Dahl Automotive's commercial vehicle operations and align with Kriete Truck Centers' growth strategy.

Positive

• Successful sale of multiple truck dealerships to strategic buyers
• Expansion of Dahl Automotive's commercial vehicle operations
• Alignment with Kriete Truck Centers' growth strategy
• Haig Partners' demonstrated expertise in complex multi-party transactions

Negative

• None.

FORT LAUDERDALE, Fla.--(BUSINESS WIRE)-- Haig Partners LLC, the leading buy-sell advisory firm to auto, heavy truck and RV dealers in the U.S., served as the exclusive sell-side advisor on the sale of La Crosse Truck Center Ford and La Crosse Truck Center Mack-Isuzu. La Crosse Truck Center Ford was sold to Dahl Automotive, which has 13 franchised auto dealerships throughout Minnesota and Wisconsin, and La Crosse Truck Center Mack-Isuzu was sold to Kriete Truck Centers, which has 11 Volvo and Mack locations throughout Wisconsin.

La Crosse Truck Center Ford and Mack-Isuzu were previously part of River States Truck and Trailer. Last month, in a separate transaction, Haig Partners advised on the sale of its three Freightliner-Western Star dealerships to Premier Truck Group, a subsidiary of Penske Automotive Group (NYSE: PAG). The La Crosse Truck Center Ford dealership is one of the Ford’s last remaining medium-duty-only dealerships, and the Mack-Isuzu dealership sells and services both medium and heavy-duty trucks.

Joe Laux, the former owner and CEO of River States, shared, "When we decided to sell our business, the team at Haig Partners provided unparalleled expertise and guidance. Their knowledge of the medium and heavy-duty truck market was invaluable. They were instrumental in navigating the complexities of selling to multiple parties, ensuring that each dealership found the right home. I’d like to thank Derek Garber and Erik Haig for handling these most recent sales of the Ford and Mack-Isuzu dealerships. They did an impressive job and I’m very happy with the outcome."

Andrew Dahl, President of Dahl Automotive, added, "We are excited to expand our partnership with Ford Motor Company, which dates back to 1911, with the acquisition of La Crosse Truck Center Ford. This Ford Pro location will allow us to further scale our commercial vehicle operations in the region. We look forward to continuing the legacy built by Joe and thankful for Haig Partners’ experience which enabled a smooth transaction.”

David Kriete, CEO of Kriete Truck Centers, expressed, "Acquiring La Crosse Truck Center Mack-Isuzu aligns perfectly with our growth strategy. We appreciate the professionalism and thoroughness that Haig Partners demonstrated throughout the process."

Derek Garber, Vice President at Haig Partners, stated, “It was a privilege to work with Joe Laux on these transactions. During his career, Joe built an empire that included Freightliner, Western Star, Mack, Isuzu and Ford franchises. When Joe decided it was time to sell, he trusted our team at Haig Partners to find him the best possible outcome for each of his three businesses (categorized here as: River States Truck and Trailer, La Crosse Truck Center Ford and La Crosse Truck Center Mack-Isuzu).

“Drawing from our past experience with heavy truck buy-sells, we did not believe that one single buyer would receive OEM approval to acquire all of Joe’s franchises. So, to get Joe an optimal outcome, we had to split up his empire. We then identified and approached the best possible buyers for each of the three businesses. While it was challenging to run three concurrent transactions, each with a different counterparty, we were still able to overcome OEM restrictions, navigate two closings with CDK still shut down, and ultimately deliver a successful outcome for our client. Congratulations to Joe Laux and his family, as well as to Andrew Dahl and David Kriete on their newest acquisitions.”

Stephen Dietrich and Brooke Sizer of Holland & Knight, LLP, served as legal counsel. Troy Parsons, CFO Auto Dealership Consulting at CliftonLarsonAllen, LLP served as the closing consultant.

The team at Haig Partners has now been involved in the sale of medium and heavy-duty truck dealerships across Texas, Oklahoma, Tennessee, Indiana and Wisconsin. So far, in 2024, Haig Partners has represented clients in the sale of 34 dealerships in AL, FL, MD, MN, NC, NH, PA, and WI. Please contact any member of our team to discuss today’s market and how we might be able to help you Maximize the Value of Your Life’s Work®.

About Haig Partners

Haig Partners is a leading buy-sell advisory firm that helps owners of higher-value auto, truck, RV and powersports dealerships maximize the value of their businesses when they are ready to sell. The team at Haig Partners has advised on the purchase or sale of more than 585 dealerships with a total value of over $11 billion. It has represented 28 dealership groups that qualify for the Top 150 Dealership Groups list published by Automotive News, more than any other firm. Clients of Haig Partners benefit from the group's collective experience as previous executives with leading companies such as Ally Financial, AutoNation, Bank of America, Credit Suisse, Deloitte, FORVIS, J.P. Morgan, the Sewell Automotive Companies and Toyota Financial Services. Leveraging its unmatched expertise and extensive relationships, Haig Partners guides clients to successful outcomes through a confidential and customized sales process. The firm authors The Haig Report®, the leading industry quarterly report that tracks trends in auto retail and their impact on dealership values, and co-authors NADA’s Guide, “Buying and Selling a Dealership.” Haig Partners team members are frequent speakers at industry conferences and are regularly quoted in reputable media outlets, including Reuters, Forbes, The Wall Street Journal, The New York Times, CNBC, BBC, Automotive News, Wards, CarDealershipGuy and CBT News. For more information, visit https://www.haigpartners.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240717222108/en/

Transaction Contact:

Derek Garber

Vice President

Haig Partners

derek@haigpartners.com

(407) 949-2549

Media Contact:

Aimee Allen

Chief Growth Officer

Haig Partners

aimee@haigpartners.com

(603) 933-2194

Source: Haig Partners LLC

FAQ

What dealerships did Haig Partners help sell in the La Crosse Truck Center transaction?

Haig Partners advised on the sale of La Crosse Truck Center Ford to Dahl Automotive and La Crosse Truck Center Mack-Isuzu to Kriete Truck Centers.

How many dealerships has Haig Partners been involved in selling in 2024?

In 2024, Haig Partners has represented clients in the sale of 34 dealerships across various states including AL, FL, MD, MN, NC, NH, PA, and WI.

What was the recent transaction involving Penske Automotive Group (PAG) mentioned in the press release?

Prior to the La Crosse Truck Center sales, Haig Partners advised on the sale of three Freightliner-Western Star dealerships to Premier Truck Group, a subsidiary of Penske Automotive Group (NYSE: PAG).

Who were the buyers of the La Crosse Truck Center dealerships?

Dahl Automotive acquired La Crosse Truck Center Ford, while Kriete Truck Centers purchased La Crosse Truck Center Mack-Isuzu.