The Presidio Group Advises Asbury Automotive Group on the Sale of Delaware Lexus Store
Asbury had acquired the Lexus store in December as part of its acquisition of the larger Jim Koons Automotive Companies.
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, Inc. of Duluth, Ga., on the sale of a Lexus dealership in Wilmington, Del., to MileOne Autogroup of Towson, Md.
The transaction, which was finalized March 4, included Koons Wilmington Lexus and its real estate. Asbury had acquired the Lexus store in December as part of its acquisition of the larger Jim Koons Automotive Companies.
“The Presidio Group, one of our trusted advisors, swiftly found a strategic buyer for this store and facilitated a quick and seamless transaction,” Asbury CEO David Hult said. “The care and expertise brought to this deal by the Presidio team was top-notch, and we appreciate their efforts in bringing this transaction to fruition in a way that benefited both Asbury and MileOne.”
For MileOne, the deal marks its first location in Wilmington and its second Lexus dealership.
“We are thrilled to welcome another Lexus store to the MileOne network. When this location became available, we knew immediately that it would be a terrific addition to our portfolio,” MileOne Autogroup Vice President Michael Fader said. “We appreciate the leadership at Asbury and the professionals at Presidio for bringing this opportunity to us. The Presidio team’s smooth oversight of the deal process was exemplary.”
Alex Watterson, managing director of The Presidio Group, said, “It’s been a privilege for the Presidio team to facilitate this transaction and represent Asbury in the sale of this high-performing store representing such a lauded brand as Lexus. Dealership M&A activity has already gotten off to a fast start in 2024, and Presidio expects the busy pace to continue.”
“Presidio was honored to represent Asbury in this transaction, and we congratulate David Hult of Asbury and the MileOne team on the successful sale of this store,” said George Karolis, president of The Presidio Group. “Asbury is one of the best retailers in the auto industry, and it’s exciting to watch the company continue to execute on its overall strategic growth and M&A initiatives. We were pleased to once again to be entrusted to assist Asbury’s leadership in an important deal.”
David Grubman with Jones Day served as outside legal counsel to Asbury. Amy Capobianco with McNees was outside legal counsel for MileOne.
The Presidio Group provided exclusive M&A advisory services to Asbury through its wholly owned investment bank, Presidio Merchant Partners LLC.
About Asbury Automotive Group, Inc.
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 2024, Asbury announced a multi-year plan to strategically grow and transform the business through organic and acquisitive growth as well as its innovative online purchasing platform, with its guest-centric approach as Asbury’s constant North Star. As of March 4, 2024, Asbury operated 157 new vehicle dealerships, consisting of 206 franchises and representing 31 domestic and foreign brands of vehicles. Asbury also operates Total Care Auto, powered by Landcar, a leading provider of service contracts and other vehicle protection products, and 37 collision repair centers. 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 and services, including arranging vehicle financing through third parties and aftermarket products such as extended service contracts, guaranteed asset protection debt cancellation and prepaid maintenance plans. Asbury ranked 18th in the 2023 Forbes list of America’s Best Mid-Sized Companies. Asbury was recognized as one of America’s Greatest Workplaces 2023 by Newsweek and as one of the Best Companies to Work For among retailers by U.S. News & World Report. For additional information, visit www.asburyauto.com.
About MileOne Autogroup
MileOne Autogroup, based in Towson, Md., is one of the largest automotive retailers in the United States with a network of dealerships operating throughout the Mid-Atlantic region. MileOne owns 68 auto dealerships representing 24 brands. It offers a wide selection of new and used vehicles, related financing services and vehicle repair and maintenance services. For additional information, visit www.mileone.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 closed over 270 transactions for more than $18 billion. The Presidio Group, based in Denver and Atlanta, publishes Presidio Perspectives: A Quarterly Outlook on Auto Retail and M&A Trends, a leading source of information about the automotive retail landscape. 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.
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