Generational Capital Markets, Inc., member FINRA/SIPC, ("GCM") an advisor to privately held businesses for mergers & acquisitions, is pleased to announce the acquisition of its client, Rountree-Moore Motors, headquartered in Lake City, Florida, by Morgan Automotive Group, headquartered in Tampa, Florida. The acquisition closed on June 30, 2016. Terms were not disclosed.
Morgan Automotive Group is one of the fastest growing dealership groups in the U.S. Rountree-Moore has been selling cars in Lake City, FL, since 1915. At the time of acquisition, the company offered seven different brands (Ford, Lincoln, Chevrolet, Cadillac, Toyota, Kia and Nissan). The acquisition brings the Morgan Auto Group to 19 retail dealerships with 18 Florida locations in Tampa, Ocala, Gainesville, Sarasota and Lake City.
As a result of the Rountree-Moore acquisition, Morgan Automotive Group will be able to offer five new brands and reach customers in an adjacent geographic market. Andy Moore, owner of Rountree-Moore, said the time was right for a transaction. "This is a tremendous opportunity to sell when the market's the best it's ever been for us," said Moore. "While I will remain an owner of the company, I want to slow down and enjoy my life more." Rountree-Moore employees may also benefit from the sale to a larger company. "We hope it is going to enhance the employees' lives," Moore stated.
Larry Morgan, Chairman of the Morgan Auto Group, was also excited about the acquisition stating, "We are very selective when we expand via acquisition and focus on high-quality operations," stated Morgan."Rountree-Moore Motors is an excellent company that we hope to make even better as part of the Morgan Auto Group."
Managing Director Tom Staszak and Vice President Chris Gain were the GCM M&A advisors for Rountree-Moore on the transaction. "Rountree-Moore has been a vital part of its community for over 90 years. It was critically important to find an acquirer who would continue and build upon that success," stated Tom Staszak. "We are pleased that we were able to negotiate an outstanding outcome for both Buyer and Seller that builds upon that legacy of Rountree-Moore."
Robert Bass, Partner at Bass Sox Mercer, provided legal representation to the seller. J. Gregory Humphries, Partner at Shutts & Bowen, LLP, provided legal representation to the buyer.
About Generational Capital, LLC
Generational Capital, LLC is a Dallas, Texas-based merger & acquisition advisory firm. Generational Capital wholly owns Generational Capital Markets, Inc., Member FINRA/SIPC. More information can be found at www.gencm.com. Generational Capital and Generational Capital Markets are part of the Generational Group and are affiliated with Generational Equity, LLC. Generational Equity's website is www.genequityco.com and its online newsroom can be found at www.gecpress.com. GCM received the M&A Advisor's 2015 Financial Services Deal of the Year for transactions valued over $100 million.
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Source : prnewswire.com