FORT LAUDERDALE, Fla., Oct. 29, 2020 /PRNewswire/ -- Haig Partners LLC, the leading buy sell advisor to auto dealers, was the exclusive financial advisor to Prime Automotive Group ("Prime") in the sale of 15 dealerships in various markets across the US. Akerman LLP provided legal counsel.
"We decided last year to focus our efforts in our core market here in New England and the Northeast. As a result, we retained Alan Haig and the team at Haig Partners to assist us in divesting dealerships and platforms in outlying markets. Our intention is to use the capital generated from these sales to buy additional dealerships in the Northeast," said Todd Skelton, Chief Executive Officer of Prime Automotive Group. Prime is one of the largest auto dealer groups in the US, ranking number 11 on the 2019 Automotive News Top 150 dealership groups in the United States. "We thank the team at Haig Partners that demonstrated the value their extensive relationships with dealership buyers across the US, and their ability to run complex sales processes during a challenging time. They negotiated excellent terms for our assets."
Haig Partners has represented more Top 150 dealership groups than any other advisor and has advised on deals in 31 states. Prime represents the 17th Top 150 dealership group Haig Partners has represented. The team at Haig Partners was able to leverage their industry-leading experience and resources to facilitate seven different closings in a short period of time.
Alan Haig, President of Haig Partners, commented, "We are grateful for the opportunity to advise the Prime team on the sale of these stores. While the buy-sell market paused in Q2, the recovery in auto retail has been phenomenal and we are pleased to see the strength of the offers we have received."
These dealerships include:
Ron Carter Chevrolet-Buick-GMC, Alvin, TX
Ron Carter Chrysler-Jeep-Dodge-Ram, Alvin, TX
Ron Carter Ford, Alvin, TX
Kenny Ross Ford South, Castle Shannon, PA
Kenny Ross Ford, Adamsburg, PA
Kenny Ross Chevrolet-Buick-GMC, North Huntingdon, PA
Kenny Ross Subaru, North Huntingdon, PA
Kenny Ross Mazda, North Huntingdon, PA
Kenny Ross Chevrolet-Cadillac, Somerset, PA
FX Caprara Chevrolet-Buick, Pulaski, NY
FX Caprara Ford in Pulaski, NY
FX Caprara Chrysler-Jeep-Dodge-Ram, Watertown NY
FX Caprara VW, Watertown, NY
Nissan of North Plainfield, NJ
Subaru of White River Junction, VT
Haig Partners LLC is a boutique investment banking firm and the leading buy-sell advisory firm to owners of higher value auto, heavy truck and RV dealerships. Since 1996, the principals at Haig Partners have completed almost 200 dealership transactions totaling over $5.5 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.