TAMPA, Fla.--(BUSINESS WIRE)--The Presidio Group LLC (“Presidio”), an independent merchant banking firm focused on mergers and acquisitions, capital raising and investments in the automotive retail and consumer mobility sectors, exclusively advised Qvale Auto Group on the sale of two dealerships outside of Tampa, Fla., to Atlantic Coast Automotive.
The transaction, which was finalized Nov. 5, involved Audi Lakeland of Lakeland, Fla., and Volkswagen Brandon of Brandon, Fla. Qvale Auto Group continues to operate Alfa Romeo and Maserati stores in St. Petersburg, Fla.
This was the fourth transaction that Presidio has advised Qvale Auto Group owner Bruce Qvale on during the past four years. The previous deals involved the sale of eight dealerships in Florida and California. In addition to continuing to operate his St. Petersburg stores, Qvale plans to diversify his holdings outside of retail automotive.
“The team at Presidio provides the best guidance in the industry, bar none, to dealers looking to buy or sell dealerships,” Qvale said. “They helped me find a great buyer in Atlantic Coast for these Florida stores. After four successful transactions involving the sale of 10 dealerships, I wouldn’t turn to anyone but Presidio for advice.”
For Atlantic Coast Automotive, the acquisition of the Qvale stores expands its rapidly growing network of dealerships stretching from Florida to New York.
Presidio previously advised Bruce Qvale, a long-time friend of the firm, on dealership sales in 2021, when Qvale sold two stores in Florida and separately exited the California market with the sale of six dealerships in two transactions. In all, Presidio has now advised Qvale on the sale of 10 dealerships representing seven brands and 12 franchises.
“It has been an honor for the Presidio team to advise Qvale Auto Group through a fourth transaction,” said Alex Watterson, managing director of The Presidio Group. “We congratulate Bruce Qvale and Ali Ahmed on this successful deal. Their high standards of excellence were apparent in every step along the way, ensuring a successful transaction for all.”
“For Presidio, this transaction exemplifies the deep connections and long-term relationships we have built over our decades serving dealers in this great industry,” said George Karolis, president of The Presidio Group. “It’s gratifying to be able to leverage those relationships to deliver a great outcome for our client. Bruce Qvale and his family have a storied history in the retail automotive space, and we are honored that we’ve been able to contribute our expertise to it.”
Alex Kurkin of Kurkin Forehand Brandes LLP served as outside legal counsel to Qvale. Gregory J. Blodig and David Weisman of Greenspoon Marder LLP were outside counsel for Atlantic Coast.
The Presidio Group provided exclusive M&A advisory services to Qvale Auto Group through its wholly owned investment bank, Presidio Merchant Partners LLC.
About Qvale Auto Group
Qvale Auto Group was founded by Kjell Qvale, Bruce Qvale’s father, in 1947 to import MG sports cars and, later, the Volkswagen Beetle to the West Coast. Kjell Qvale was co-founder and chairman of the first Pebble Beach Concours d’Elegance and is a member of the British Sports Car Hall of Fame.
About The Presidio Group LLC
The Presidio Group was founded in 1998 with the simple mission to relentlessly put the interests of our clients first. By steadfastly adhering to this philosophy, the firm has earned the trust of clients throughout the United States. During their careers, the professionals at Presidio have collectively closed more than 280 transactions for more than $18.5 billion. The Presidio Group, based in Denver and Atlanta, publishes Presidio Perspectives: A Quarterly Outlook on Auto Retail and M&A Trends, a leading source of information about the automotive retail landscape. Presidio Merchant Partners LLC is a subsidiary of The Presidio Group LLC and is a member of FINRA and SIPC. For more information on Presidio, visit www.thepresidiogroup.com.
