Cerberus Acquires Off Lease Only
NEW YORK--(BUSINESS WIRE)--Nov 15, 2019--
Cerberus Capital Management, L.P. (“Cerberus”), a global leader in alternative investing, today announced that one of its affiliates has acquired an 80% interest in Off Lease Only, LLC (“Off Lease Only” or the “Company”), a leading independent, used-car dealer in the United States. Under the terms of the transaction, Off Lease Only founders Mark and Eileen Fischer will maintain 20% ownership of the Company and will continue to provide strategic direction and support.
With four Florida retail locations and a robust online platform, Off Lease Only is one of the largest independent used car dealers in the United States. The Company offers an expansive selection of quality cars and has sold hundreds of thousands of vehicles worldwide. Rated A+ by the Better Business Bureau and voted National Used Car Dealer of the Year multiple years, Off Lease Only and its 850 team members provide a seamless and transparent car buying and selling process, supported by exceptional customer service.
“Off Lease Only’s tremendous success is a testament to its strong business model and the unmatched value proposition it offers customers,” said Scott Wille, Co-Head of Private Equity and Senior Managing Director at Cerberus. “We look forward to working with Mark, Eileen, and their talented team to expand the Company’s footprint and further strengthen the business through strategic investments and the integration of operations and technology initiatives.”
Mark Fischer, Co-Founder of Off Lease Only, commented, “From our humble beginnings, Off Lease Only has grown into a market-leading business thanks to the hard work and commitment of our outstanding team. Eileen and I are thrilled that Cerberus recognizes our talented employees, superior platform, and best-in-class customer service. Cerberus brings extensive financial, operating, and industry expertise and positions Off Lease Only better than ever for its next phase of growth.”
In conjunction with the transaction, Mr. Leland (“Lee”) Wilson will join Off Lease Only as Chairman and Chief Executive Officer (“CEO”). Mr. Fischer who will stay on as Co-CEO to ensure a smooth transition, after which he will continue to be a member of the Executive Committee of the Board. Mr. Wilson has over 30 years of operational, financial, and managerial experience, including most recently as Executive Chairman of Carrier & Technology Solutions, one of the largest insurance outsourcers based in Florida. Mr. Wilson was formerly Vice Chairman and Chief Financial Officer of Chrysler Financial and, before that, was an Operating Executive for Cerberus Operations and Advisory Company.
Mr. Wilson said, “I am excited to join Off Lease Only and look forward to working with their exceptional team to execute on the many growth opportunities ahead. Through this partnership with Cerberus and the Fischers, we will be able to position Off Lease Only for continued success while maintaining the customer-focused business model that has always been the foundation of the Company.”
Founded in 1992, Cerberus is a global leader in alternative investing with over $42 billion in assets across complementary credit, private equity, and real estate strategies. We invest across the capital structure where our integrated investment platforms and proprietary operating capabilities create an edge to improve performance and drive long-term value. Our tenured teams have experience working collaboratively across asset classes, sectors, and geographies to seek strong risk-adjusted returns for our investors. For more information about our people and platforms, visit us at www.cerberus.com.
About Off Lease Only
Founded in 2004, Off Lease Only, LLC is The Nation’s Used Car Destination and one of the largest volume used-car dealerships in the United States, with four state-of-the-art retail locations in Florida, including in Palm Beach, Miami, Orlando and Fort Lauderdale. Off Lease Only helps shoppers skip the depreciation and save thousands on more than 5,000 low mileage 2016-2020 cars, trucks, SUVs and vans. Off Lease Only has an A+ rating from the Better Business Bureau, is recognized as an Edmunds Five-Star Premier Dealer, and has received recognition multiple times as DealerRater’s “Used Car Dealer of the Year for the Entire United States”. For more information, visit www.offleaseonly.com.
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David Millar/Abi Genis
Sard Verbinnen & Co
KEYWORD: NEW YORK UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE
SOURCE: Cerberus Capital Management, L.P.
Copyright Business Wire 2019.
PUB: 11/15/2019 09:23 AM/DISC: 11/15/2019 09:23 AM