The Presidio Group Exclusively Advised Hendrick Automotive Group on the Sale of a California Volkswagen Dealership to Spreen Automotive Group

MURRIETA, Calif.--(BUSINESS WIRE)--The Presidio Group LLC (“Presidio”), an independent merchant banking firm focused on mergers and acquisitions, capital raising and investments in the automotive retail and consumer mobility sectors, exclusively advised Hendrick Automotive Group on the sale of Volkswagen of Murrieta in Murrieta, Calif., and its related real estate, to Spreen Automotive Group (“Spreen”). The transaction closed Oct. 19.

For Hendrick Automotive Group, the strategic sale follows other recent acquisitions as the company continues to expand and refine one of the industry's largest dealership networks.

“Presidio understood our culture and how important it was to find a buyer who shares our commitment to employees, customers and the community,” said Jeffrey “JB” Brown, president of Hendrick Automotive Group. “Their extensive relationships across automotive retail helped connect two like-minded organizations and made the process work well for everyone involved. Spreen is gaining an outstanding team at Volkswagen of Murrieta, and we’re grateful for the hard work and dedication that have made the dealership so successful. We appreciate Presidio’s professionalism, care and collaboration throughout the transaction.”

For Spreen Automotive Group, the purchase represents an expansion to a new brand while further strengthening its presence in Southern California. Spreen previously acquired an Acura store in Riverside, Calif., and a Honda store in Corona, Calif., from Hendrick Automotive Group. It also recently purchased a Subaru dealership in San Bernardino, Calif.

“With Volkswagen’s loyal customer base and a future we are optimistic about, we are excited to add the brand and this established operation in an attractive market to our growing portfolio,” said Jeff Spreen, CEO of Spreen Automotive Group. “We look forward to building on the dealership’s success and welcoming its employees and customers into the Spreen organization. We appreciate the expertise Presidio provided throughout the transaction process.”

Presidio’s leadership team maintains long-standing relationships with many of the automotive retail industry’s most respected operators, including those at Hendrick Automotive Group. Such relationships, built through decades of industry involvement, transaction experience and trusted connections, play an important role in helping align buyers and sellers with complementary strategic objectives.

“Relationships matter in this business, and the trust we've earned with dealers over many years is one of Presidio's greatest strengths,” said George Karolis, president of The Presidio Group. “Hendrick Automotive Group is one of the most admired and respected organizations in auto retail, and we were honored to represent them in this transaction. We continue to see a strong dealership M&A market, with strategic portfolio management becoming an increasingly important driver of transaction activity as retailers refine their footprints and pursue growth.”

Transactions like these reflect the value of personal connections built and maintained over years in the automotive business.

“I've known Rick Hendrick and Jeff Brown for many years, and we've built meaningful relationships based on mutual respect and a shared appreciation for this industry,” said Jason Stein, managing director at The Presidio Group. “It was a privilege to once again partner with the Hendrick Automotive Group team, and we are proud to have helped the organization achieve its objectives with this transaction. We look forward to watching them continue to grow and thrive over the coming years.”

Seller legal counsel was provided by Brian Nolen of Nolen PLLC. Buyer legal counsel was provided by Mitchell Burger of Cliff LLP.

The Presidio Group provided exclusive M&A advisory services to Hendrick Automotive Group through its wholly owned investment bank, Presidio Merchant Partners LLC.

About Hendrick Automotive Group

Representing 142 franchises and 31 manufacturer nameplates from the Carolinas to California, Hendrick Automotive Group is the largest privately held automotive retail organization in the United States. Headquartered in Charlotte, N.C., the company employs more than 11,000 people in its 104 dealership locations, 22 collision centers and four accessories distributor installers in 13 states. For more information, please visit www.HendrickCars.com.

About The Presidio Group LLC

The Presidio Group was founded in 1998 with the simple mission to relentlessly put the interests of its clients first. By steadfastly adhering to this philosophy, the firm has earned the trust of clients throughout the United States. During their careers, the professionals at Presidio have collectively closed more than 325 transactions for more than $22.5 billion. The Presidio Group, based in Denver and Atlanta, publishes research, industry insights and data reports about the automotive retail landscape. 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.