Longtime area dealer sells successful dealership to Maroone USA, Serra Automotive and Pat Grooms
Irvine, CA, October 2nd, 2019 – Kerrigan Advisors, a leading sell-side advisory firm to auto dealers in the U.S., represented and advised owner Mike Peebles in his recent sale of Longmont Ford, one of the most successful Ford stores in the Metro Denver area. The buyers are a partnership between Maroone USA, owned by Mike Maroone, former President and Chief Operating Officer of AutoNation, Serra Automotive, and Pat Grooms, who will become President and Operating Partner of Longmont Ford after having served as General Manager since 2016. Peebles will continue to own and operate his other Ford dealership, Columbine Ford in Rifle, Colorado.
When Peebles acquired Longmont Ford, originally Valley Ford, in 2005, he went to work building a reputation of helping Greater Denver Metro drivers find the right Ford for their lifestyle and budget. Almost 15 years and one major renovation later, Longmont is the 4th highest volume Ford store in the Metro Denver area with a reputation for exceptional customer service and excellent employee relations.
“Since the day we purchased Longmont Ford, we have worked hard to make it the kind of local store people could count on for an excellent customer experience and a high level of service. We lead by our company motto – High Character, High Results.” said Peebles. “So, when I decided to sell, it was a carefully-considered decision to make sure we left the dealership in the right hands for the community and my employees. I am pleased Mike Maroone and his team will lead Longmont Ford in its next chapter. I’d like to thank Kerrigan Advisors for guiding us through this process professionally and with such a keen understanding of the buy/sell process.”
“Advising Mike Peebles on this transaction was a real privilege. We worked hard to identify the best buyer for his store to ensure he achieved all of his personal and financial goals for the sale,” said Erin Kerrigan, Founder and Managing Director of Kerrigan Advisors. “Longmont Ford is one of the most successful domestic dealerships in the Denver area. Maroone USA will continue the dealership’s legacy of top customer service and employee relations.”
As one of the most active sell-side advisors in the auto retail industry, Kerrigan Advisors has represented on the sale of 80 dealerships in the last five years, representing over $1.5 billion in client proceeds. In addition to sell-side advisory work, Kerrigan Advisors offers strategic consulting services to dealers, including growth planning, valuation, capital raising and financial analysis, creating value throughout the auto retail lifecycle. The firm’s full-service approach to dealer advisory has made Kerrigan Advisors the go-to partner for many of auto retail’s leading groups and families.
“It was important that Kerrigan Advisors represent Longmont Ford in the right way and to be sensitive to the strong reputation established by Peebles and his team,” said Ryan Kerrigan, Managing Director of Kerrigan Advisors. “Mike has a lasting Colorado legacy thanks to this dealership, his Ford store in Rifle, and of course his community philanthropy.” The former Marine has made giving to the community a centerpiece of his work and life, including in his current role as a Crossroads School Board Member.
“We’re thankful to Kerrigan Advisors for their expert representation during the sale,” said Peebles. “Their assistance was instrumental. In fact, we originally tried to sell the dealership without their guidance – but quickly realized that was a mistake. Their expertise in representing dealers is without question. They do far more than operate as brokers. They really manage the sale process every step of the way.”
Kerrigan Advisors does not take listings or build up an inventory of dealerships for sale. The firm focuses on a select number of higher value transactions nationwide, such as Longmont Ford, and ensures that each is completed to their client’s full satisfaction. The firm’s managing directors are fully licensed with FINRA and have specific expertise in navigating the complexities associated with selling large family enterprises with multiple owners and dealerships.
Michael Dommermuth and Randy Earnest of Fairfield and Woods, P.C. served as legal counsel and Tony Allison and Addison Wilk of Crowe LLP served as accounting advisors for Longmont Ford. Stephen Dietrich and Sandy Lowe served as legal counsel to Maroone USA, Serra Automotive and Pat Grooms.
About Kerrigan Advisors
Kerrigan Advisors is a leading 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 on auto retail’s largest transactions, including five of the Top 100 Dealership Groups in the US, more than any other firm in the industry. In addition to Kerrigan Advisors’ sell-side advisory and capital raising services, the firm also provides a suite of consulting services including growth strategies, capital allocation, transactional due diligence, open point proposals, operational improvement and real estate due diligence.
Each quarter, Kerrigan Advisors publishes The Blue Sky Report®, which is the auto industry's most comprehensive and authoritative quarterly report and analysis of dealership buy/sell activity and franchise values, received by over 9,000 industry recipients in 35 countries. The firm also publishes a monthly Kerrigan Auto Retail Index™, the only index tracking the seven publicly traded auto retail stocks.
Kerrigan Advisors’ Founder & Managing Director, Erin Kerrigan, is a recognized expert on dealership valuation, real estate, and buy/sells, and is a frequent speaker at leading auto retail events and conferences, including NADA, JD Power Automotive Roundtable, Automotive News’ Canadian World Congress, AICPA, and NADC. She has been quoted numerous times by the Wall Street Journal and interviewed by The Economist and has been a keynote speaker for events hosted by American Honda Motor Company, Audi of America, US Trust, Bank of America, and SunTrust Bank. Kerrigan Advisors’ Managing Director Ryan Kerrigan is also a sought-after industry expert. He is featured in a monthly column for Dealer Magazine and has written Op-Eds for Automotive News.