The Presidio Group Exclusively Advises on the Sale of Tysinger Automotive Family of Dealerships
HAMPTON, Va.--(BUSINESS WIRE)--Sep 1, 2021--
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 Mark Tysinger on the sale of Tysinger Motor Company, Incorporated’s five dealership franchises to Mills Automotive Group.
The Tysinger Motor Company, Incorporated dealerships include 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.
“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,” said Mark Tysinger, president of Tysinger Motor Company, Incorporated. “With their extensive industry knowledge, they were able to accurately value my dealerships and find the perfect buyer.”
“These franchises complement our growing dealership group,” said Damian Mills, CEO of Mills Automotive Group. “His stellar mix of franchises in the diverse and growing Hampton Roads region is a perfect fit for our continued geographic and brand expansion. I was especially impressed with the professionalism of the Presidio Group throughout the course of this significant acquisition for our company.”
“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,” he added.
The Hampton Roads region is home to the headquarters of three Fortune 500 companies. It is the 8 th 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.”
He added: “Presidio 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.”
“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.”
John Lloyd Tysinger, the great grandfather of the current owner, 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. The Tysinger family proved that assumption to be incorrect. It was also farsighted in its early investment in a distinct digital retailing process that has greatly enhanced the bottom line.
South T. Patterson of Patten, Wornom, Hatten & Diamonstein, LLC served as legal counsel to the Tysinger Motor Company, Incorporated. J. Gregory Humphries of Shutts & Bowen LLP served as legal counsel to the Mills Automotive Group.
The Presidio Group provided exclusive M&A advisory services to the Tysinger Motor Company, Incorporated through its wholly owned investment bank, Presidio Merchant Partners LLC.
The Presidio Group LLC 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 done over 200 transactions for over $13.5 billion. It also publishes Presidio’s Where the Rubber Meets the Road, a leading source of information about the automotive retail landscape and the automotive retail M&A environment. The Presidio Group is based in Denver, CO and Atlanta, GA. 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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20210901005273/en/
CONTACT: Brodie Cobb
KEYWORD: UNITED STATES NORTH AMERICA VIRGINIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES AUTOMOTIVE GENERAL AUTOMOTIVE FINANCE CONSULTING BANKING
SOURCE: The Presidio Group LLC
Copyright Business Wire 2021.
PUB: 09/01/2021 10:02 AM/DISC: 09/01/2021 10:02 AM