SAN FRANCISCO--(BUSINESS WIRE)--The Presidio Group advised Serra Automotive, Inc. in the sale of the majority interest in four dealerships in Colorado Springs, Colorado. Serra Automotive will remain a minority partner with Maroone Enterprises, Inc. The stores will be named Mike Maroone Chevrolet South, Mike Maroone Chevrolet North, Mike Maroone Volkswagen and Mike Maroone Honda.
The transaction was completed on May 15, 2017. Terms were not disclosed.
“We have been very happy with the performance of these four stores over the years. The time came to do some portfolio management, and I was fortunate that my friend of many years, Mike Maroone, had interest in purchasing the majority stake in these terrific stores and allowing me to remain on as a minority partner. This partnership will be great for our employees and customers,” said Joe Serra, President of Serra Automotive. Mr. Serra’s father, Al Serra, acquired Al Serra Chevrolet South in Colorado Springs in 1986, followed by opening and acquiring Al Serra Chevrolet North, Front Range Honda, and Al Serra Volkswagen between 1998 and 2003. “The Presidio Group was incredibly thoughtful, creative, and professional throughout this entire transaction.”
“Serra Automotive is one of the very best auto retail groups, and these four dealerships have a great reputation in Colorado Springs,” said Michael Maroone, President of Maroone Enterprises, a successful private capital dealer and former President and COO of AutoNation, Inc. from 1997 to 2015. “I look forward to partnering with Joe Serra to continue the success in this strong market.”
The Presidio Group provided M&A advisory services to Serra Automotive through its wholly-owned investment bank, Presidio Merchant Partners LLC. “Presidio is pleased to have advised Serra Automotive in the creation of this partnership, which demonstrates the creative structures available to the best buyers and sellers in today’s marketplace,” said Brodie Cobb, Founder and CEO of Presidio. “It was an absolute honor and pleasure to work with two iconic dealers to put this transaction together.”
About The Presidio Group LLC. The Presidio Group LLC is an independent merchant banking firm focused on investment banking and principal investing. The firm was founded in 1997 with the simple mission to relentlessly put the interests of our clients first. By steadfastly adhering to this philosophy, the firm has earned the trust of clients throughout the United States. To date, Presidio has closed 57 dealership transactions worth more than $3.6 billion and is a leader in the automotive retail sector. The Presidio Group focuses on dealership transactions over $50 million in value. They also publish Presidio’s Where the Rubber Meets the Road, a leading source of information for automotive retailers on corporate finance and M&A activity, and speak at numerous industry conferences. The Presidio Group is based in San Francisco. Presidio Merchant Partners LLC is a subsidiary of The Presidio Group LLC and is a member of FINRA and SIPC. For more information on Presidio, visit www.thepresidiogroup.com.