Driving the news: Walser Automotive Group purchased three Minnesota dealerships from Metropolitan Corp. The deal closed Sept. 3, according to Haig Partners, which represented the sellers.
For context: The Bloomington, Minnesota-based group said in a press release that the “transaction represents the most significant acquisition in Walser’s history and will add nearly 300 employees to the organization.”
Purchased were Metropolitan Ford of Eden Prairie, and Suburban Chevrolet in Eden Prairie, Minnesota, and Freeway Ford in Bloomington. Both cities are suburbs of Minneapolis and Saint Paul, AKA the Twin Cities.
Walser renamed two of the dealerships Walser Metropolitan Ford, Walser Chevrolet Eden Prairie, but a new name does not yet appear on the Freeway Ford website.
The deal also marks the return of Ford for the first time in 20 years, according to the release.
Other advisors on the deal included attorney David Ezrilov of Stinson LLP and lead consultant Jen Moylan of accounting firm Withum Inc. for Metropolitan. Moore & Van Allen provided legal services to Walser, according to Haig Partners.
What they’re saying: “It is rare to find this kind of alignment with established dealerships, great teams, and a market we know well,” Andrew Walser, CEO of Walser Automotive Group, said in a statement. “Bringing them in is a meaningful investment in the Twin Cities and in Walser’s long-term future.”
Alan Haig, president of Haig Partners, said advisory work is built on relationships.
“…the most meaningful ones are with clients who trust us to help them make decisions that shape their families, their teams and their legacies,” Haig said in a release. “Ken Starkey and Tom Grossman operate some of the most profitable domestic dealerships in the Midwest…”
Strategic note: Haig also said in the release that the buy-sell market remains “…robust for most brands as average dealership profits remain strong and there are many groups looking to grow.”
“Healthy values attract sellers: those who are seeking retirement as well as those who want to distribute funds now to family members who don’t want a life in auto retail,” he said. “The combination of strong demand and high supply makes for highly favorable conditions.”
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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