SAN FRANCISCO--()--The Presidio Group LLC, through its subsidiary Presidio Merchant Partners LLC, is pleased to have advised Sovereign Motor Cars on the sale of its Mercedes-Benz dealership in Brooklyn, NY. Sovereign had been owned and operated for 39 years by Alan Feldman and Edward Feldman. Manny Kadre, Armando Codina and Doug Wells are the purchasers. Kadre and Codina have a long history in the automotive business. Wells was formerly the General Manager of Ray Catena Mercedes-Benz in Edison, NJ.
“We were pleased to bring the capabilities of our leading automotive buy-sell advisory team to plan and execute such a successful outcome.”
The transaction was completed on December 28, 2013. Terms were not disclosed. The dealership will be renamed Mercedes-Benz of Brooklyn.
“We wanted strong value for our business, absolute confidentiality during the transaction, and a buyer who was highly reputable and who would respect our employees who have worked so hard for us for so many years. The team at Presidio delivered on all of these objectives,” said Alan Feldman.
“We are thrilled to be the Mercedes-Benz dealers in Brooklyn, one of the most dynamic markets in the country. Doug, Armando and I feel fortunate to join the team here. We are looking forward to providing the best possible sales and service experience to customers, and to becoming an integral part of the Brooklyn community,” Manny Kadre said.
Alan Haig, Managing Director at Presidio and head of the firm’s automotive practice stated, “The purchase of this dealership demonstrates the continued appeal of luxury brands like Mercedes-Benz as well as the strength of the New York City market. The transaction also demonstrates that publicly-traded auto retailers are not the only option for higher value dealerships and dealership groups. There are many buyers who see attractive returns in our industry and are looking to put large amounts of capital to work.”
“It was a privilege to work with the Feldmans on such an important transaction,” said Brodie Cobb, Founder and CEO of The Presidio Group LLC. “We were pleased to bring the capabilities of our leading automotive buy-sell advisory team to plan and execute such a successful outcome.”
Presidio’s automotive practice focuses on dealership transactions valued between $20 million and $300 million. Presidio’s professionals have closed more than 150 auto retail related purchases, sales, and capital raises totaling more than $4.5 billion. They also publish Presidio’s Automotive Retail M&A Market Update, a leading source of information on auto retailers and acquisition activity, write for Dealer Magazine on current buy/sell trends, and speak at industry conferences, including NADA, NADC, NAMAD, and AIADA.
About The Presidio Group LLC. The Presidio Group LLC is a personal and corporate financial services firm with approximately $4 billion in client assets. Through its interconnected investment banking, private equity, and wealth advisory units, Presidio is uniquely capable of addressing the lifecycle challenges of wealth from its creation, through its retention and growth, to its transfer to successive generations. The firm’s principals have extensive experience running businesses, creating wealth of their own, and understanding and managing risk. Presidio and its subsidiaries currently serve clients throughout the United States, through its professionals in San Francisco, Dallas, Newport Beach and Chapel Hill. Presidio Merchant Partners LLC is a member of FINRA and SIPC. For more information on Presidio’s auto retail practice, visit www.presidioautomotive.com.