In a news release earlier this week, The Presidio Group discussed a few details surrounding the sale of four Serra Automotive, Inc. dealerships to former AutoNation executive Mike Maroone, a deal in which it advised Serra Automotive.
As part of the transaction, which was completed Monday, Serra Automotive will keep a minority interest in these Colorado Springs, Colo., stores, which will now be known as Mike Maroone Chevrolet South, Mike Maroone Chevrolet North, Mike Maroone Volkswagen and Mike Maroone Honda.
Terms of the deal were not shared.
Maroone was AutoNation's president and chief operating officer from 1997 to 2015. He is president of Maroone Enterprises and a private capital dealer.
Al Serra, father of company president Joe Serra, bought Al Serra Chevrolet South — which, after this deal, is now Mike Maroone Chevrolet — in 1986.
Over the course of 1998 to 2003, he opened and bought Al Serra Chevrolet North (now Mike Maroone Chevrolet North), Front Range Honda (now Mike Maroone Honda) and Al Serra Volkswagen (now Mike Maroone Volkswagen).
“We have been very happy with the performance of these four stores over the years. The time came to do some portfolio management, and I was fortunate that my friend of many years, Mike Maroone, had interest in purchasing the majority stake in these terrific stores and allowing me to remain on as a minority partner. This partnership will be great for our employees and customers,” Joe Serra said in the news release.
“The Presidio Group was incredibly thoughtful, creative and professional throughout this entire transaction,” he added.
Maroone said in the release: “Serra Automotive is one of the very best auto retail groups, and these four dealerships have a great reputation in Colorado Springs. I look forward to partnering with Joe Serra to continue the success in this strong market.”
M&A advisory services were provided to Serra via Presidio Merchant Partners, the company’s investment bank.
“Presidio is pleased to have advised Serra Automotive in the creation of this partnership, which demonstrates the creative structures available to the best buyers and sellers in today’s marketplace,” Presidio founder and CEO Brodie Cobb said in the release. “It was an absolute honor and pleasure to work with two iconic dealers to put this transaction together.”
AutoNation background; moves this week
As far as Maroone's background, on Jan. 15, 2015, a move that was set to take effect April 1 of that year.
Bill Berman became executive vice president and COO on Feb. 4, 2015, with chairman and CEO Mike Jackson adding the role as president.
Berman then became president and COO on Feb. 1, 2017.
Berman resigned from that position on Monday, but will continued to be employed by AutoNation in an advisory role through June 30.
Jackson will take on operating responsibilities and the company will start a selection process for its new president and COO.
“I thank Bill for his 20 years of service and leadership at AutoNation. We wish Bill all the best in his future endeavors,” Jackson said in a news release on Monday.