Parks Automotive Group, bolstered by an undisclosed expense from Franchise Fairness Companions, has expanded its North Carolina functions, firm President Adam Parks said.
Jack and Robin Salzman on Jan. 18 sold Lake Norman Chrysler-Dodge-Jeep-Ram in Cornelius and Gastonia Chrysler-Dodge-Jeep-Ram, both of those close to Charlotte, to increasing Parks Automotive so they could pursue other passions in small business and philanthropy. The dealership names will keep on being.
The deal marks Franchise Equity Partners’ second expense into a dealership group, Co-Taking care of Husband or wife Scott Romanoff advised Automotive Information. In Oct, the non-public expense business invested $70 million into Georgica Automobile Holdings.
The New York agency, introduced by Romanoff and Michael Esposito in November 2021, been given $1 billion in funding from HPS Investment decision Associates to spend in five sectors, which includes $400 million earmarked for automotive dealerships. Romanoff explained he could not disclose how a great deal of the remaining $330 million was used in the Parks deal. He and Parks said Franchise Equity Companions has a minority stake in the obtained shops.
“About the earlier year, our enjoy terms are ‘minority,’ ‘passive’ and ‘permanent,’ exactly where we leave the working day-to-working day operations and command of the dealership in the palms of the operator,” Romanoff mentioned. “This offer is steady with that.”
Romanoff reported Franchise Equity Associates, whose management workforce involves longtime vehicle govt Mark LaNeve, 1st experienced discussions with market professionals about potentially doing the job together at previous year’s AutoTeam The us purchase-promote summit.
Alan Haig, president of Haig Companions, the Fort Lauderdale, Fla., acquire-sell firm that represented the Salzmans in the transaction, reviewed that assembly during final week’s AutoTeam America’s acquire-promote summit at the NADA Present in Dallas. Haig credited the function with aiding foster the sort of interactions that can guide to equivalent organization partnerships.
Romanoff mentioned the talks at the prior summit sooner or later led to a meeting with the Parks spouse and children.
“They’re the precise sort of operators that we want to lover with: relatives-owned, multigenerational enterprises,” Romanoff claimed.
Parks is a 2012 Automotive Information 40 Below 40 honoree, and Jack Salzman received the Time Seller of the Year award in 2018.
Haig Partners explained the Lake Norman retailer as high-accomplishing amongst Stellantis dealerships. It will relocate to a new 55,000-sq.-foot facility.