Haig Partners Served as the Exclusive Sell-Side Advisor on the Sale of Mercedes-Benz of Richmond and Mercedes-Benz of Midlothian

Haig Partners LLC served as the exclusive sell-side advisor to Rod McGeorge on the sale of Mercedes-Benz of Richmond and Mercedes-Benz of Midlothian, located in greater Richmond, Virginia, to Murgado Automotive Group. This announcement comes on the heels of the recently announced sale of McGeorge Toyota.

The McGeorge family of dealerships has been serving the Richmond, Virginia area for more than 60 years. Initially formed as The David R. McGeorge Car Company as a used car dealership, the family acquired Mercedes-Benz of Richmond in 1955. McGeorge Toyota, which was recently sold to Graham Ourisman Automotive, was added in 1968, and Mercedes-Benz of Midlothian was awarded to the McGeorge family in 2003. Under Rod’s leadership, the McGeorge family of dealerships grew to more than 300 employees while building a reputation for providing excellent customer service and treating employees with the utmost respect.

Rod McGeorge, the former owner, said, “My grandfather entered the franchised auto retail business with Mercedes-Benz of Richmond and a vision to grow. My father carried it forward, and now, as I step away, I feel an overwhelming sense of pride in what we built over these decades, and I look forward to spending some time enjoying the fruits of all the labor and dedication. It's been an incredible journey! I'm excited to see Murgado Automotive Group continue the tradition of excellence we've established.

“The sale of all three stores, especially given the complexity of potentially having multiple transactions and varying requirements of the manufacturers, required a highly professional advisor who could navigate the intricacies of a large transaction and who would ensure a smooth transition. It was important for me to have someone I could count on. The guidance I received from Kevin Nill and the team at Haig Partners was instrumental in achieving my goals and ensuring a seamless transition.”

Kevin Nill, Managing Director of Haig Partners and the advisor to McGeorge, said, “It is so humbling that Rod trusted me and our firm to guide him through the journey of selling all of his dealerships, including McGeorge Toyota, which was announced last week." Kevin continued, "As with Toyota, Mercedes-Benz is a highly desired franchise, and coupled with the attractiveness of Richmond, VA, there was intense interest from many leading buyers."

Nill continued, “It is a privilege to advise clients and help them maximize the value of their life’s work. When selling automotive dealerships, it's not just about the numbers. It's also about fostering strong buyer relationships and having a deep knowledge of the intricate OEM requirements and approval processes. We combine our collective experience in automotive retail to create compelling offering materials to share with only those buyers who best align with the goals and objectives of our clients. Our limited auction process is designed and executed to source the Most Motivated Buyer.”

Mario Murgado, CEO of Murgado Automotive Group, said, “Mercedes-Benz of Richmond and Mercedes-Benz of Midlothian have been top performers for decades in Central Virginia. I want to thank both the McGeorge family for working with us on this opportunity and Mercedes-Benz for trusting our company to build on the legacy of the dealerships and one of the most recognizable brands in the world. It's humbling to succeed in a dealership group that has been built from the ground up and is now run by a third-generation leader. We, too, are passionate about our family-owned operations and are eager to introduce our unique brand of automotive retailing to Central Virginia, all while honoring our predecessors and Mercedes-Benz."

Stephen Dietrich of Holland & Knight served as legal counsel, and Louie Galbraith of FORVIS provided accounting services to the McGeorge organization. Alex Kurkin from Kurkin Forehand Brandes served as legal counsel to Murgado Automotive Group. Carlos Perez-Abreu of PAAST CPAs provided accounting services to Murgado Automotive Group.

The team at Haig Partners has been involved in the purchase or sale of 21 Mercedes-Benz stores, and the sale of Mercedes-Benz of Richmond and Mercedes-Benz of Midlothian also represents the 73^rd and 74^th dealerships the team has bought or sold in the Mid-Atlantic region.

About Haig Partners

Haig Partners is a leading buy-sell advisory firm that helps owners of higher-value auto, truck, RV, and motorsports dealerships maximize the value of their businesses when they are ready to sell. The team at Haig Partners has advised on the purchase or sale of more than 540 dealerships with a total value of over $9.4 billion. It has represented 26 dealership groups that qualify for the Top 150 Dealership Groups list published by Automotive News, more than any other firm. Clients of Haig Partners benefit from the group's collective experience as previous executives with leading companies such as AutoNation, Bank of America, J.P. Morgan, Credit Suisse, FORVIS, and Deloitte. Leveraging its unmatched expertise and extensive relationships, Haig Partners guides clients to successful outcomes through a confidential and customized sales process. The firm authors The Haig Report®, the leading industry quarterly report that tracks trends in auto retail and their impact on dealership values, and co-authors NADA’s Guide, “Buying and Selling a Dealership.” Haig Partners team members are frequent speakers at industry conferences and are regularly quoted in reputable media outlets, including Reuters, Forbes, The Wall Street Journal, The New York Times, CNBC, Automotive News, Wards, Car Dealership Guy and CBT News. For more information, visit www.haigpartners.com.

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