IRVINE, Calif. - Kerrigan Advisors, one of the leading sell-side advisory firms to auto dealers in the US, represented and advised Bredemann Lexus, located in Glenview, Illinois in its sale on November 18, 2019. The buyer is Glencoe, Illinois-based Fields Automotive Group, ranked number 27 in Automotive News' Top 150 Dealership Group List. Opened in 1990, Bredemann Lexus is one of the first Lexus franchises in the US and an award-winning dealership, receiving the Elite of Lexus Award 23 consecutive years from 1992 to 2015.
"It's never easy to decide to sell a dealership, especially one with such a long family history in the community" said Joe Bredemann, dealer and co-owner of Bredemann Lexus and grandson of the Bredemann auto group founder, Joseph J. Bredemann II. "Joseph J. Bredemann II, a former blacksmith and wagon-maker, started working in the car business for the Busse Family in Park Ridge almost 100 years ago. Buick was established in 1912, and we added the Toyota franchise in 1976, and Ford in Glenview in 1990. That same year, we were proud to be awarded one of the first Lexus franchises in the US. We will continue to provide the same high level of service to our valued clients at our three remaining dealerships, Bredemann Toyota in Park Ridge, Bredemann Chevrolet in Park Ridge, and Bredemann Ford in Glenview. I'd like to thank Kerrigan Advisors for doing an exceptional job managing a competitive national sale process on our behalf, ultimately leading to our successful sale to Fields Automotive, another Chicago-based, family-owned group. We are confident the Fields management team, together with our former Lexus employees, will continue to provide the same level of unparalleled customer service that our Lexus clients have become accustomed to. We also could not be more impressed with the professionalism and diligence of Kerrigan Advisors."
This sale marks the 82nd dealership sale Kerrigan Advisors has represented since 2015, and the 3rd Lexus franchise sold in 2019. Kerrigan Advisors is the most active sell-side advisor in the auto retail industry. The firm actively manages each client's sale process from beginning to success, leveraging its expansive network of industry contacts to identify the best buyer for its clients' businesses, ensuring its clients' financial and personal goals are met.
"The Bredemann family has been an important employer and contributor in Chicago and the northern suburbs for over 150 years. Their Lexus franchise has been award-winning since its start, so we were honored to represent the dealership in the sale" said Erin Kerrigan, Founder and Managing Director of Kerrigan Advisors. "The Bredemann name, and their auto dealerships, symbolize integrity, fairness, philanthropy and first-class service. Finding a buyer with the same values who would carry on the Bredemann family legacy was an important goal of our sale process."
Through four generations, Bredemanns have served their community, with long-standing support to local charities and civic organizations, including Misericordia, the Park Ridge Rotary Club, The Juvenile Diabetes Research Foundation, The A.C. Nielsen Tennis Tournament benefitting the North Suburban Special Recreation Association, North Shore Community Services, Park Ridge Little League Baseball and the Park Ridge, Glenview and Niles Chambers of Commerce.
"The Bredemann Family of Dealerships is one of Chicago's most reputable" said Ryan Kerrigan, Managing Director of Kerrigan Advisors. "They have a policy of service excellence in all aspects of their operations, and a sincere commitment to their community. We're honored to have represented Bredemann Lexus in this important transaction."William Kelly and Ira Levin of Burke, Warren, Mackay & Serritella, P.C. served as legal counsel to the seller. John J. Keating of Wipfli LLP served as accounting advisor to the seller. Stephen Dietrich and Sarah Seedig of Holland & Knight LLP served as legal counsel to the buyer.
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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.
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