Kerrigan Advisors, the leading buy/sell advisor to auto dealers in the US, represented and advised Minnesota-based Village Automotive Group in its sale of Lexus of Wayzata, Lexus of Maplewood, and Village Chevrolet, to Chicago-based Ed Napleton Automotive Group, which operates more than 74 franchises in seven states and ranked #26 on Automotive News' 2018 Top 150 Dealership Group list.
"After 70 years in the auto dealership business, our family's decision to sell was a difficult one. We are happy to see Village Automotive Group transition to another family-owned dealership group who will continue our customer service and employee-focused legacy" said Steve Bloomer, President and CEO of Village Automotive Group. "We are very grateful for the guidance and support that the Kerrigan Advisors' team provided us in the sale process. Erin Kerrigan's expertise - from her deep understanding of the buy/sell market, transactions and dealership valuations to the OEM approval process - helped make our sale as smooth as possible."
Founded by the Bloomer family in 1950, Village Automotive Group is one of the original 'charter' dealerships for Lexus in the US, has earned the Lexus Elite distinction for a combined 46 years, and operates the only Lexus dealerships in the state of Minnesota. The company's Village Chevrolet dealership in Wayzata has been owned and operated by the Bloomer family for nearly 70 years and is one of the oldest Chevrolet dealerships in the state.
"Kerrigan Advisors was invaluable to us in the sale of our dealerships" continued Steve Bennett, Vice President, COO, and partner of Village Automotive Group, who has been active on Lexus dealer and product councils during his 38-year tenure with the company. "Mercedes Hendricks and Marie Brashears of Kerrigan Advisors were particularly helpful in preparing us for sale and managing the buyer due diligence process. We are very grateful for all of their hard work in making this sale a success."
The most active sell-side advisor in the auto retail industry, Kerrigan Advisors has represented on the sale of 79 dealerships in the last five years, representing over $1.5 billion in client proceeds. In addition to its sell-side advisory work, Kerrigan Advisors consultancy offers strategic consulting services to dealers and their families, including growth planning, capital raising and valuation analysis, creating value every step of the auto retail lifecycle. The firm's full-service approach to dealer advisory has made Kerrigan Advisors the go-to thought partner for many of auto retail's leading groups and families.
"Two things were clear when we were engaged by Steve Bloomer and Steve Bennett: the importance of selling to a buyer who would continue the Village Automotive Group's extraordinary record of top customer service and the need for a transaction process that would do justice to the Bloomer family's 70-year legacy in the automotive retail industry" said Erin Kerrigan, Founder and Managing Director of Kerrigan Advisors. "We are pleased that we found a buyer with a deep family legacy in the auto dealership business. With the acquisition of Village Automotive Group, Napleton is adding a hugely respected group of dealerships, including some of the top Lexus franchises in the U.S., and entering the Minneapolis market for the first time."
Kerrigan Advisors' promise to its clients is to treat each sale as if it were their own. Unlike some firms that simply operate as brokers, Kerrigan Advisors does not take listings or building up an inventory of dealerships for sale, rather the firm focuses on a select number of higher value transactions, such as the sale of Village Automotive Group, and ensures that each is completed to their client's satisfaction. The firm's managing directors are fully licensed with FINRA and have particular expertise in navigating the complexities associated with selling large family enterprises with multiple owners and dealerships.
Bill Jonason and Mark Hamel of Dorsey & Whitney LLP served as legal counsel to Village Automotive Group. Jama Kris of Stinson Leonard Street LLP and Les Stracher served as legal counsel to Ed Napleton Automotive Group.