($900 Million in Estimated Steady State Annual Revenue)
Ramsey, NJ, February 28, 2018 – Haig Partners LLC is pleased to have represented the owners of Prestige Family of Fine Cars (“Prestige”) in the sale of six of their dealerships to Lithia Motors, Inc. (NYSE: LAD), including one BMW, two Lexus, one Mercedes, one Mini, and one Toyota dealership.
“We are pleased to welcome the Prestige team to our family,” said Bryan DeBoer, Lithia’s President and Chief Executive Officer. “These stores are centrally located in Paramus and Ramsey, New Jersey and Middletown, New York, near our existing DCH operations. These are high visibility locations, representing strong brands in some of the most affluent areas in the tristate area.” Lithia estimated the group will generate $900 million in steady state annual revenue.
Prestige’s Founder, Joseph T. Dockery, stated, “It has been our greatest joy serving our community who shared our passion for automobiles for the past 50 years. The success we have had has been from our loyal customers and our dedicated and talented employees. Lithia was a great partner for us in this process and we also thank the team at Haig Partners for advising us on this large and complicated transaction. It was a pleasure working with them.”
Alan Haig and Nate Klebacha of Haig Partners LLC were the financial advisors to Prestige. Stephen Dietrich and Sarah Seedig of Holland and Knight served as legal counsel. Tony Argiz of MBAF provided tax and accounting services.
“Joe Dockery and Chris Turner built a very large and successful business. The opportunity to help Chris and his family through this once in a lifetime process made this an exciting transaction for us. The New York area is the largest luxury market in the country and Prestige owned several of the highest volume stores,” said Alan Haig.
The team at Haig Partners has been involved in the purchase or sale 28 luxury dealerships in the past several years and 270 dealerships during their careers.
About Lithia. Lithia Motors, Inc. is one of the largest automotive retailers in the United States and is among the fastest growing companies in the Fortune 500 (#318-2017) with 185 stores representing 30 brands in 18 states.
About Haig Partners. Haig Partners LLC is the leading advisory firm to owners of higher value dealerships and dealership groups. Since 1996, the principals at Haig Partners have completed 170 dealership transactions totaling over $3.8 billion, more than any other team in the industry. They also publish the widely followed Haig Report that tracks trends in the auto industry and how they impact dealership valuations. The latest Haig Report is available here. Alan Haig is a frequent speaker at leading industry events. For more information, visit www.haigpartners.com.