The Presidio Group Advises Asbury Automotive Group on the Sale of Delaware Lexus Store

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 Asbury Automotive Group, Inc. of Duluth, Ga., on the sale of a Lexus dealership in Wilmington, Del., to MileOne Autogroup of Towson, Md.

The transaction, which was finalized March 4, included Koons Wilmington Lexus and its real estate. Asbury had acquired the Lexus store in December as part of its acquisition of the larger Jim Koons Automotive Companies.

“The Presidio Group, one of our trusted advisors, swiftly found a strategic buyer for this store and facilitated a quick and seamless transaction,” Asbury CEO David Hult said. “The care and expertise brought to this deal by the Presidio team was top-notch, and we appreciate their efforts in bringing this transaction to fruition in a way that benefited both Asbury and MileOne.”

For MileOne, the deal marks its first location in Wilmington and its second Lexus dealership.

“We are thrilled to welcome another Lexus store to the MileOne network. When this location became available, we knew immediately that it would be a terrific addition to our portfolio,” MileOne Autogroup Vice President Michael Fader said. “We appreciate the leadership at Asbury and the professionals at Presidio for bringing this opportunity to us. The Presidio team’s smooth oversight of the deal process was exemplary.”

Alex Watterson, managing director of The Presidio Group, said, “It’s been a privilege for the Presidio team to facilitate this transaction and represent Asbury in the sale of this high-performing store representing such a lauded brand as Lexus. Dealership M&A activity has already gotten off to a fast start in 2024, and Presidio expects the busy pace to continue.”

“Presidio was honored to represent Asbury in this transaction, and we congratulate David Hult of Asbury and the MileOne team on the successful sale of this store,” said George Karolis, president of The Presidio Group. “Asbury is one of the best retailers in the auto industry, and it’s exciting to watch the company continue to execute on its overall strategic growth and M&A initiatives. We were pleased to once again to be entrusted to assist Asbury’s leadership in an important deal.”