Thursday, Jul. 30, 2020, 11:49 AM
This week, the footprint of the Sewell Automotive Companies in the Lone Star State became even larger thanks to involvement by the Presidio Group.
According to a news release from the investment bank specializing in retail automotive and related M&A transactions, Park Place Dealerships completed the sale of Jaguar North Austin and Land Rover North Austin in Austin, Texas to Sewell Automotive.
“We admire the Park Place organization and we are proud to share many of the same core values including our care for our customers, employees and communities,” Sewell chairman and chief executive officer Carl Sewell said.
“We have been serving Texans for over 100 years and we are grateful for this incredible opportunity to now serve Austin and to add the Jaguar and Land Rover brands to our portfolio of outstanding franchise partners,” Sewell continued.
This transaction is the second one involving Park Place this month as the organization revised terms for a move involving Asbury Autmotive Group. Ken Schnitzer, chairman of Park Place Dealerships, described how this deal with Sewell came together.
“The Sewell family is known for operating its dealerships at the highest level. I am confident they will continue to care for the customers and employees of our Austin JLR business,” Schnitzer said.
“The Presidio Group’s expertise was essential to helping us find the best buyer and execute this transaction in the middle of the major disruption caused by COVID-19,” he added.
Leadership from the Presidio Group added these perspectives.
Founder and CEO Brodie Cobb said, “We have worked with Ken Schnitzer for many years and we’re honored to work with him on this transaction.
President George Karolis added, “Park Place Dealerships and Sewell Automotive Companies are both iconic family-owned Texas dealership groups renowned for their customer service.”
The Presidio Group provided exclusive M&A advisory services to Park Place through its wholly owned investment bank, Presidio Merchant Partners.