Vehicles aren’t the only industry merchandise that recently rolled over the curb in the Atlanta market.
Haig Partners represented Ken Page and Scott Smith, principals of Automotive Associates of Atlanta (AAA), in the sale of two of their six Atlanta dealerships to Asbury Automotive Group and Jim Ellis Automotive Group.
Asbury has acquired Toyota of Union City, and Jim Ellis Automotive has acquired Cobb County Kia.
“We are excited to bring Toyota of Union City into our Nalley platform in metro Atlanta,” Asbury chief executive officer David Hult said. “We will be able to take advantage of Nalley’s strong market presence, its leadership and great people in the stores that really generate great returns.
And we have a high-performing store in Nalley Honda just across the street,” Hult added.
Smith explained why he made this move.
“We have been very proud to represent Kia and Toyota in the Kennesaw and Union City communities,” Smith said. “These transactions have allowed me to refinance and fund my acquisition of the remaining Atlanta locations from my long-time partner and good friend Kenny (Page).”
Page Automotive Group and Automotive Associates of Atlanta will maintain ownership of dealerships in Florida, Maryland and Georgia.
“Haig Partners was able show us the value of approaching multiple targeted buyers to generate the value required to make this dream come true,” Page said. “Haig Partners found us great partners that will provide our employees with new opportunities and will represent the local markets well.
“Both Scott and I believe the team at Haig Partners was highly instrumental in managing the negotiation process and bringing the transactions to a conclusion. I am very happy for Scott in his new endeavor and look back on our years as partners with great fondness.”
Nate Klebacha and Kevin Nill of Haig Partners were the financial advisers to Page abd Smith. Stephen Dietrich of Holland and Knight served as legal counsel for the Cobb County Kia transaction, and Robert Bass of Bass Sox Mercer served as legal counsel for the Toyota of Union City transaction.
“Scott and Kenny asked us to help simplify their Atlanta operations, and we presented them with multiple solutions. Ultimately their choice to sell the Toyota and Kia locations was based upon what was best for their employees and the markets they served. We would like to congratulate Jim Ellis and Asbury for acquiring dealerships in the robust Atlanta market,” Klebacha said.
Nill added, “Unlike many situations where a buyer acquires all of the dealerships, this opportunity made more sense to identify and execute transactions with separate buyers. While adding complexity, it generated the funds necessary for Scott to acquire the group’s Atlanta Nissan dealerships.”
The team at Haig Partners has been involved in the purchase or sale of 14 Atlanta area dealerships and more than 280 dealerships nationwide.
Asbury now has 81 stores representing 29 brands in nine states.
Jim Ellis Automotive Group is an Atlanta-based dealership group with 14 stores representing 13 different franchises.