The Presidio Group Exclusively Advises AutoNation on Acquisition of Mercedes-Benz of Chicago and Fletcher Jones Audi from Fletcher Jones 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 AutoNation, Inc. (NYSE:AN) on its acquisition of a Mercedes-Benz dealership and Audi dealership, both in Chicago, from Fletcher Jones Automotive Group.
The purchase of Mercedes-Benz of Chicago and Fletcher Jones Audi, along with their related real estate, closed on Sept. 15. The acquisition expands AutoNation's footprint in metro Chicago to nine dealerships. The retailer now has three Mercedes-Benz stores and two Audi stores in the area.
"We are excited to expand our presence in the Chicago market with the acquisition of these flagship dealerships," said AutoNation CEO Mike Manley. "The Presidio team's M&A expertise, professionalism and ability to facilitate a seamless process were invaluable throughout this transaction."
With the transaction complete, Fletcher Jones Automotive Group will concentrate on its remaining 13 dealerships in California and Nevada, almost all of them luxury-brand stores. For decades, Fletcher Jones has been renowned as one of the nation's premier luxury vehicle dealers, with some of its stores recognized as U.S. volume leaders for their respective brands.
"Fletcher Jones rarely sells stores, but when The Presidio Group approached us about this opportunity, we listened," said Keith May, president of Fletcher Jones Automotive Group. "These dealerships are outside our core West Coast markets, and our longstanding relationship with and trust in Presidio gave us confidence that the transaction would be handled with the utmost discretion and professionalism. We thank AutoNation's leadership for their partnership and wish the team members and customers at our Chicago stores continued success under their stewardship."
The acquisition underscores Presidio's long track record of executing transactions involving the nation's top publicly traded dealership groups.
"Guiding a transaction between AutoNation, one of the country's foremost public retailers, and Fletcher Jones, one of the most iconic luxury-brand groups in the U.S., truly came down to our ability to match the right buyer and seller in an off-market deal," said George Karolis, president of The Presidio Group. "This is a great fit for AutoNation as it grows its presence in Chicago and a smart portfolio management move for Fletcher Jones as it focuses on markets where it has more scale. This transaction is emblematic of what we're broadly seeing in the industry — the most sophisticated public and private dealers in the country actively managing their portfolios."
Presidio's approach to every transaction is built on trust and mutual understanding among all parties.
"It all comes down to relationships. We're honored to have served as the trusted advisor to AutoNation on this important acquisition, and our long-term relationship with Fletcher Jones was instrumental in making this transaction possible," said Brodie Cobb, CEO of The Presidio Group. "This is another example of how our extensive and enduring relationships with some of the biggest and most respected dealers in the country enable us to deliver successful outcomes. At Presidio, we focus on being relational, not transactional — it's one of our guiding principles and a core value that shapes everything we do."
Legal counsel for AutoNation was provided by the company's in-house team of Coleman Edmunds, Thomas Mila and Julie Morgan, as well as by David R. Clark of Skadden, Arps, Slate, Meagher & Flom LLP. Legal counsel for Fletcher Jones was provided by Jeff Roberts and Emily Dillow of Underwood & Roberts LLP.
The Presidio Group provided exclusive M&A advisory services to AutoNation through its wholly owned investment bank, Presidio Merchant Partners LLC.
About AutoNation, Inc.
AutoNation, Inc. (NYSE:AN), one of the largest automotive retailers in the U.S., offers innovative products and exceptional services as part of a portfolio of comprehensive solutions for customers and their automotive needs. With a nationwide network of dealerships operating under a recognized brand, the company offers a wide variety of new and used vehicles, customer financing, parts and expert maintenance and repair services. Through its DRV PNK initiative, AutoNation has raised more than $40 million for cancer-related causes, demonstrating a commitment to making a positive difference in the lives of associates, customers and the communities in which it operates. Please visit www.autonation.com, investors.autonation.com and www.x.com/autonation, where AutoNation discloses additional information about the company, its business and its results of operations.
About Fletcher Jones Automotive Group
Since 1946, Fletcher Jones Automotive Group has been a luxury automotive retail standard bearer in the U.S. Founded by Fletcher Jones Sr. with a single store in downtown Los Angeles, the group has grown over the past 79 years into one of the most respected and renowned luxury dealership groups in the country. Home to the nation's #1 Mercedes-Benz and Audi locations, Fletcher Jones has become synonymous with 5-star service, top-of-the-line quality and an unwavering commitment to customers. The group offers a comprehensive suite of services, including new and used vehicle sales, expert financing and leasing, service and maintenance, parts and electric vehicle expertise. To learn more, visit www.fletcherjones.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 more than 295 transactions for over $19.5 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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George Karolis
(678) 831-5520
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Lauren Pfohl
(404) 434-1837
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