Driving the news: Georgica Auto Holdings purchased two dealerships from Tina Mangino-Coffey, Patricia Mangino, and Ralph Mangino Jr., in a deal that closed Oct. 28.
For context: The sale included Mangino Chevrolet, in Amsterdam, New York, and Mangino Buick GMC, in Ballston Spa, New York, both near Albany.
Georgica Auto, led by CEO Jonathan Sobel, will keep the store names, according to the Dave Cantin Group (DCG), which advised the sellers.
Mike Coffey, a longtime operator of the dealerships, will stay on to oversee both stores.
He’s also the spouse of Tina Mangino-Coffey, one of the family’s second-generation owners.
History matters: The Mangino family entered the auto retail world in 1978, when Ralph Mangino Sr. bought Ballston Motors in Ballston Spa and turned it into Mangino Pontiac.
General Motors later awarded the family a Buick franchise, and when GM discontinued Pontiac, the family added GMC.
The second generation expanded in 2004 with the purchase of Longwell Chevrolet in Amsterdam, which became Mangino Chevrolet.
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What they’re saying: Talon Fee, managing director of DCG, said the firm helped the Manginos consider succession plans that covered more than just a sale.
“Our work with the Mangino family didn’t begin with a decision to sell,” Fee said. “It began with a conversation about what they wanted for their family and for a business they had spent nearly 50 years building.”
Worth noting: Georgica Auto owns more than 20 dealerships across four states, including Pennsylvania, New Jersey and Connecticut.
The group is backed by Franchise Equity Partners, which partners with businesses in multiple industries, including franchised dealerships.
FEP took a minority stake in Georgica in 2022 with a $70 million investment.
Strategic note: DCG said it spent several months reviewing the family’s succession options. And while second- and third-generation Mangino family members were involved in the business, the family ultimately chose to sell.
You can see this deal announcement and many more throughout the year by visiting the CDG Buy/Sell tracker at CDGbuysell.com, presented by The Presidio Group.
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