Haig Partners Advises Automotive Associates Of Atlanta On Sale To Asbury Automotive And Jim Ellis Automotive Group
ATLANTA, May 25, 2018 /PRNewswire/ -- Haig Partners LLC is pleased to have represented Ken Page and Scott Smith, principals of Automotive Associates of Atlanta, ("AAA") in the sale of two of their six Atlanta dealerships to Asbury Automotive Group (NYSE: ABG), and Jim Ellis Automotive Group. Asbury has acquired Toyota of Union City and Jim Ellis Automotive has acquired Cobb County Kia.
AAA's Owner and Operator Scott Smith stated, "We have been very proud to represent Kia and Toyota in the Kennesaw and Union City communities. These transactions have allowed me to refinance and fund my acquisition of the remaining Atlanta locations from my long-time partner and good friend Kenny ("Page"). Haig Partners was able show us the value of approaching multiple targeted buyers to generate the value required to make this dream come true." Kenny Page says, "Haig Partners found us great partners that will provide our employees with new opportunities and will represent the local markets well. Both Scott and I believe the team at Haig Partners was highly instrumental in managing the negotiation process and bringing the transactions to a conclusion. I am very happy for Scott in his new endeavor and look back on our years as partners with great fondness." Page Automotive Group and Automotive Associates of Atlanta will maintain ownership of dealerships in Florida, Maryland and Georgia.
"We are excited to bring Toyota of Union City into our Nalley platform in metro Atlanta. We will be able to take advantage of Nalley's strong market presence, its leadership, and great people in the stores that really generate great returns. And we have a high-performing store in Nalley Honda just across the street," says David Hult, CEO of Asbury Automotive Group.
Nate Klebacha and Kevin Nill of Haig Partners LLC were the financial advisors to Ken Page & Scott Smith. Stephen Dietrich of Holland and Knight served as legal counsel for the Cobb County Kia transaction and Robert Bass of Bass Sox Mercer, LLC. served as legal counsel for the Toyota of Union City transaction.
"Scott and Kenny asked us to help simplify their Atlanta operations and we presented them with multiple solutions. Ultimately their choice to sell the Toyota and Kia locations was based upon what was best for their employees and the markets they served. We would like to congratulate Jim Ellis and Asbury for acquiring dealerships in the robust Atlanta market," said Nate Klebacha. Added Kevin Nill, "Unlike many situations where a buyer acquires all of the dealerships, this opportunity made more sense to identify and execute transactions with separate buyers. While adding complexity, it generated the funds necessary for Scott to acquire the group's Atlanta Nissan dealerships."
The team at Haig Partners has been involved in the purchase or sale of 14 Atlanta area dealerships and over 280 dealerships during their careers.
About Asbury. Asbury Automotive, Inc. is a Fortune 500 company and one of the largest automotive retailers in the United States with 81 stores representing 29 brands in 9 states.
About Ellis. Jim Ellis Automotive Group is an Atlanta based dealership group with 14 stores representing 13 different franchises.
About Haig Partners. Haig Partners LLC is the leading advisory firm to owners of higher value dealerships and dealership groups. Since 1996, the principals at Haig Partners have completed 180 dealership transactions totaling over $3.8 billion, more than any other team in the industry. They also publish the widely followed Haig Report that tracks trends in the auto industry and how they impact dealership valuations. The latest Haig Report is available here. Alan Haig is a frequent speaker at leading industry events. For more information, visit www.haigpartners.com.
Nate Klebacha
(917) 288-5414
[email protected]
SOURCE Haig Partners
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