HAMPTON, Va. -

The Presidio Group again served as the advisor to dealerships changing hands.

According to a news release from the firm, the Presidio Group played a role in the sale of Tysinger Motor Co. and its five dealership franchises to Mills Automotive Group.

The transaction included Audi, Hyundai, Genesis and Mercedes-Benz dealership franchises as well as a Mercedes-Benz Sprinter commercial van franchise. All are located in the Hampton Roads region of Virginia.

“These franchises complement our growing dealership group,” Mills Automotive Group chief executive officer Damian Mills said in the news release. “(Mark Tysinger’s) stellar mix of franchises in the diverse and growing Hampton Roads region is a perfect fit for our continued geographic and brand expansion.

“We look forward to building upon the strong culture and tradition of community involvement established by Mark Tysinger and his family and welcome the amazing team members of the Tysinger dealerships to our family,” Mills added.

The Presidio Group highlighted the Hampton Roads region is home to the headquarters of three Fortune 500 companies. The firm said it is the eighth largest metro region in the Southeast U.S., with a fast-growing population.

“We were privileged to work with Mark Tysinger and his family on this transaction,” said George Karolis, president of the Presidio Group. “Tysinger has been an iconic brand in the region for nearly a century, with deep roots in fostering a thriving culture for its employees and the local community at large.

“It was of the utmost importance to find the right buyer in Mills Automotive Group to continue building upon this culture and legacy,” Karolis continued.

Mark Tysinger’s great grandfather, John Lloyd Tysinger, entered the retail automotive business in 1926 when he opened a General Motors dealership. He opened a Mercedes-Benz dealership in 1964 in an area that was not considered demographically suited for the premium brand.

“We have worked on many transactions involving the sale of a dealership group that has been in a family for multiple generations before the family decides to strategically diversify,” said Brodie Cobb, founder and CEO of The Presidio Group. “We bring considerable expertise to the table for these transactions and were honored to have assisted the Tysinger family in achieving its goals.”

Mark Tysinger corroborated the firm’s assessment of the process.

“The team at Presidio understood that we were selling a dealership group that has been in our family for nearly 100 years and we wanted a buyer that would not just protect but enhance our legacy,” Tysinger said. “With their extensive industry knowledge, they were able to accurately value my dealerships and find the perfect buyer.”

And Mills added, “I was especially impressed with the professionalism of the Presidio Group throughout the course of this significant acquisition for our company.”

South Patterson of Patten, Wornom, Hatten & Diamonstein served as legal counsel to the Tysinger Motor Company. Gregory Humphries of Shutts & Bowen served as legal counsel to the Mills Automotive Group.

The Presidio Group pointed out that it has now closed five transactions in 2021 representing 76 dealership franchises, with combined revenues in excess of $3 Billion.

“We expect 2021 to continue to be one of our most active years to date,” Karolis said.