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
nate@haigpartners.com
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SOURCE Haig Partners