Sign In  |  Register  |  About Menlo Park  |  Contact Us

Menlo Park, CA
September 01, 2020 1:28pm
7-Day Forecast | Traffic
  • Search Hotels in Menlo Park

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

The Presidio Group Advises Asbury Automotive on the Sale of McDavid Acura of Austin

Asbury exits non-core market with strategic sale to Umansky Automotive Group

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 McDavid Acura of Austin to the Umansky Automotive Group.

“The decision to exit a non-core market was handled with precision and expertise by The Presidio Group, which identified a strategic buyer in Umansky Automotive Group – satisfying the goals of both groups in a true win-win scenario,” said Asbury’s President and CEO David Hult. “The Presidio team facilitated a quick and seamless transaction. We could not be more pleased with the outcome.”

The acquisition of McDavid Acura by the Umansky Automotive Group opens up the Texas market to the Memphis, Tenn.-based group. This transaction for the Umansky Automotive Group adds to the 16 brands they operate in locations throughout California, Mississippi, Tennessee and Wisconsin.

“Expanding our business into Texas is the perfect opportunity to increase the visibility of the Umansky brand,” said Dan Umansky, owner of Umansky Automotive. “The addition of this Acura dealership expands our dealership holdings, that include brands such as Mercedes Benz, BMW, Porsche, Jaguar Land Rover, Audi, Subaru, Honda and others across multiple states throughout the U.S.”

Asbury Automotive is one of the largest auto retailers in the United States with more than 300,000 new- and used-vehicle sales in 2022 along with $15.43 billion in revenue and $997.3 million in net income.

“We were privileged to have once again been entrusted by Asbury Automotive Group to exclusively assist with another important transaction,” said George Karolis, president of The Presidio Group. “It was a pleasure to assist in the mutual benefit of both parties to achieve their goals in this transaction. I’m proud of the hard work the Presidio team did to ensure that chemistry came together for the acquisition.”

“The automotive market is truly evolving and opportunities abound for dealers of every size,” said Brodie Cobb, CEO of The Presidio Group. “We are honored to bring Asbury and Umansky Automotive together on this transaction, which helped both parties further their strategic goals.”

Katherine Frazier and Kevin Sutton of Hill Ward Henderson served as legal counsel to Asbury Automotive Group. David Porteous of Evans Petree PC served as legal counsel to the Umansky Automotive Group.

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 Umansky Automotive Group

The Umansky Automotive Group operates 25 dealerships, 2 collision centers and a rental car company with locations throughout California, Mississippi, Tennessee, Wisconsin and now Texas. The diverse, highly skilled team delivers world-class service, offering a luxury experience to customers while providing leadership in the communities they serve. For more information, visit umanskyautogroup.com.

About The Presidio Group LLC

The Presidio Group 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 215 transactions for more than $15 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.

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 MenloPark.com & California Media Partners, LLC. All rights reserved.