The family-owned and operated Stevinson Automotive, in business in Colorado for 59 years, has sold its eight dealerships to Georgia-based Asbury Automotive Group.
Charles “Chuck” Stevinson took over a Chevrolet dealership in Golden and opened a Toyota dealership in 1970. The company opened the first Lexus dealership in Colorado in 1989 and a companion Lexus franchise in 2006.
Stevinson acquired the Hyundai franchise in Longmont in 2011.
“For a family business like ours with long-term roots in the Denver community, making the decision to sell, and identifying the right buyer, were critical to me and my brothers.” Kent Stevinson, the automotive group’s president, said in a statement.
Kerrigan Advisors represented Stevinson in the transaction and said the company is the largest privately owned dealership group based in Denver. Stevinson has more than 600 employees.
“The Denver market is one of the most economically vibrant in the U.S. and an ideal market for strong automotive brands, such as those represented by Stevinson Automotive,” said Ryan Kerrigan, managing director of Kerrigan Advisors.
Asbury, which operates 101 dealerships nationwide, said the acquisition will add $715 million in annualized revenue to the company.
“We are thrilled to add to our growing footprint in the dynamic and growing Denver area, especially through a well-respected and successful dealership group like Stevinson,” David Hult, Asbury president and CEO, said in a statement.
Earlier this year, Kent Stevinson was inducted into the inaugural Colorado Automotive Hall of Fame. In 2020, Kent Stevinson, his brother, Greg Stevinson, and his father, Charles Stevinson, were named to the Colorado Business Hall of Fame.
Greg Stevinson assumed chief responsibility for the family’s real estate holdings.
Kerrigan Advisors is the premier sell-side advisor and thought partner to auto dealers nationwide. The firm advises the industry's leading dealership groups, enhancing value through the lifecycle of growing, operating and, when the time is right, selling their businesses. Kerrigan Advisors has represented some of auto retail's largest transactions and advised more of the largest dealership groups in the US than any other buy/sell firm in the industry. Led by a team of veteran industry experts with backgrounds in investment banking, private equity, accounting, finance and real estate, the firm does not take listings, rather they develop a customized approach for each client to achieve their personal and financial goals. In addition to Kerrigan Advisors' sell-side advisory and capital raising services, the firm also provides a suite of consulting services including growth strategy, market valuation assessments, capital allocation, transactional due diligence, open point proposals, operational improvement and real estate due diligence.
Kerrigan Advisors monitors conditions in the buy/sell market and publishes an in-depth analysis each quarter in The Blue Sky Report®, which includes Kerrigan Advisors' signature blue sky charts, multiples, and analysis for each franchise in the luxury and non-luxury segments.—To download a preview of the report, click here.—The firm also releases monthly The Kerrigan Index™ composed of the seven publicly traded auto retail companies with operations focused on the US market. The Kerrigan Auto Retail Index is designed to track dealership valuation trends, while also providing key insights into factors influencing auto retail.—To access The Kerrigan Index™, click here.—To read the—2023 Kerrigan OEM Survey, click here.—Kerrigan Advisors also is the co-author of NADA's Guide to Buying and Selling a Dealership.