Driving the news: Cannon Motor Co. purchased two Alabama dealerships from the McConnell family in a June 29 deal.
For context: Purchased were McConnell Honda and McConnell Acura in Montgomery, Alabama.
The dealerships were renamed Cannon Acura Montgomery and Cannon Honda Montgomery.
Omega Advisors represented the sellers.
Cannon owns dealerships in four states, including Mississippi and Louisiana.
Worth noting: The transaction marks the McConnell family's exit from the industry after more than 100 years in business.
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What they're saying: Michael Joe Cannon, owner of his namesake group, said in a LinkedIn post that the move represents “continued growth, new opportunities, and a strong commitment to serving customers across the region.”
“We're excited to welcome these teams into the Cannon family and look forward to continuing the tradition of excellence in Montgomery,” Cannon wrote. “Special thanks to Forrest and William McConnell for their partnership and professionalism throughout this transition. We're grateful for the opportunity and excited about what's next.”
You can see this deal announcement and many more throughout the entire year by visiting the CDG Buy/Sell tracker at CDGbuysell.com, presented by Presidio.
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