Georgia dealership giant takes over Stevinson Automotive
Asbury Automotive Group Inc. (NYSE: ABG), which caused a stir in the Colorado auto dealer market this year with the $ 3.2 billion purchase of the Larry H. Miller Group of Cos. Business, is plunging back to again with the acquisition of Stevinson Automotive Inc..
Locally, Stevinson, which employs approximately 600 workers, operates Lexus of Frederick and Hyundai of Longmont. The group owns half a dozen other dealerships in the Denver area.
Asbury paid $ 377 million in cash for the business and real estate assets, according to a disclosure from the United States Securities and Exchange Commission.
âAfter meeting (Asbury CEO) David Hult and the Asbury team and getting to know them, I knew their business approach, their philosophy towards employees and customers mirrored ours here at Stevinson,â Stevinson owner Kent Stevinson said in a prepared statement. . âI look forward to David and his exceptional team carrying on Stevinson’s legacy for another 60 years. “
Stevinson has been operating in Colorado for nearly six decades.
âMy family built our business on the simple principle of treating every customer like a guest in our home and delivering a little more than expected. For a family business like ours with long-term roots in the Denver community, making the decision to sell and identifying the right buyer was essential for me and my brothers, âhe said in a statement.
Kerrigan Advisors represented Stevinson in the matter.
Auto dealerships with operations in the Boulder Valley and northern Colorado have recently been a popular commodity in the M&A markets.
Utah-based auto group Ken Garff bought northern Colorado-based Spradley Barr auto group last month for an undisclosed price.
Erlich Motors sold its Toyota dealerships in Greeley and Fort Morgan to McDonald Toyota of Littleton in June. McDonald also purchased the Chrysler, Dodge, Jeep and Ram dealership from Ehrlich in Fort Morgan.
In December 2020, Elway Dealership Group purchased Co’s BMW and MINI of Loveland from the Van Herwaarden family. The Elway Group had sold its Greeley store to Asbury Automotive Group, also in 2020.
In November 2019, Tynan’s Nissan and Kia dealerships in Fort Collins were sold to the Roger Weibel family of Longmont, which owns several dealerships in Longmont as well as Greeley and Loveland.
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