Haig Partners Advises Jane Fox And Former NADA Chairman Bill Fox On The Sale Of Four Dealerships
Feb 19, 2021 1:42 PM ET
Legal Newswire POWERED BY LAW.COM
Haig Partners LLC, the leading buy-sell advisor to auto dealers, was the exclusive sell-side advisor to Fox Auto Group ("Fox") in the sale of their Toyota, Honda, Subaru and Chrysler-Jeep-Dodge-Ram dealerships in Auburn, NY to Jonathan Sobel.
The "Fox" name is synonymous with upstate NY. Bill and Jane Fox are siblings and grew up in the business. Their father was a used-car wholesaler and put them to work cleaning cars. From this modest start, Jane and Bill partnered over time to own up to 13 stores. Along the way, they helped many of their general managers realize their dreams of becoming dealers by selling them the dealerships they were operating. The Foxes continue to build the next generation of dealers via a planned sale of their Sharon Chevrolet dealership to Michael Carrow, a 36-year employee.
"When we made the decision to sell, we carefully considered who should represent us. We interviewed several buy-sell advisors, and the clear choice was Haig Partners. We preferred their straight-forward message, and they exceeded our expectations all along the way," said Bill Fox. Jane Fox added, "This group of dealerships is part of our legacy and we wanted to partner with the advisor that would listen to us and match us with a buyer who would share the respect we have for our customers and employees in Auburn. We wish Jonathan Sobel much success."
"It's rare to have an opportunity to purchase Toyota, Subaru, Honda and Jeep franchises all together in one well-run group that has been under family ownership for 50 years," Sobel said. "We look forward to maintaining the successful business that Jane and Bill built over the years."
"Bill & Jane are wonderful people." says Nate Klebacha, a co-founder of Haig Partners "We were honored to work with them through this process. Covid-19 appeared in the midst of the transaction, but the two sides were able to come together for a beneficial outcome. This transaction shows the resilience in automotive retail and how even a global pandemic cannot dimmish demand for well-run dealerships."
William Kreienberg, a long-time advisor to Fox Auto Group says "Jonathan Sobel is getting a high-quality organization that Bill & Jane have spent decades building. From the brands to the people of Auburn, we could not have asked for a better outcome for all those involved in the transaction."
Acting as advisors in this transaction were William Kreienberg for strategic advice, Woods Oviatt Gilman as legal representation and Thaney and Associates CPA for accounting support. Jonathan Sobel relied upon Lawrence Smith of CSG Law for legal work and Larry Weiner of Weiner LLC for accounting due diligence and closing.
Haig Partners LLC is a boutique investment banking firm and the leading buy-sell advisory firm to owners of higher value auto, heavy truck, and RV dealerships. Since 1996, the principals at Haig Partners have completed more than 269 dealership transactions for over 500 dealerships totaling over $7.5 billion, more than any other team in the industry. They also publish the widely followed Haig Report that tracks trends in the auto industry and how they impact dealership valuations and are co-authors of the NADA "A Dealer Guide to Buying and Selling a Dealership."
URL : http://haigpartners.com
Contact Information:Aimee Allen
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