Driving the news: Asbury Automotive, which has been strategically divesting dealerships since its $1.45 billion acquisition of The Herb Chambers Cos. last year, sold six dealerships in metro St. Louis. The deal closed February 23.
For context: MileOne Autogroup purchased Plaza Mercedes-Benz, Plaza BMW, Land Rover St. Louis, Audi Creve Coeur and Plaza Infiniti, all located in the same plaza in Creve Coeur, Missouri.
The deal included a collision center in the plaza and Mercedes-Benz of Chesterfield, in Weldon Spring, Missouri.
MileOne, of Towson, Maryland, owns a sprawling portfolio of dealerships in the Mid-Atlantic region. The Missouri stores represent entry into a new market for the group.
The Presidio Group represented Asbury in the transaction.
What they’re saying: “Acquisitions with the kind of scale, brand mix and reputation that Plaza Motors offers are extremely rare,” Steve Fader, CEO of MileOne Autogroup, said in a release. “This transaction aligns perfectly with MileOne’s strategy of expanding our footprint with leading luxury brands in attractive markets, and we are honored to carry forward the Plaza name.”
Bottom line: “The sale of the Plaza Motors platform is a textbook example of portfolio management in action,” George Karolis, Presidio president, said in a statement. He said the “transaction highlights how leading groups are actively realigning their footprints to further their long-term objectives.”
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