Brodie Cobb, 52, will now return to the automotive retailing world he targeted on when he formed Presidio in 1997.
Presidio, a essential player in the acquiring and marketing of U.S. car dealerships, final week named a new head of its automotive investment banking practice after the latest departure of the practice’s former leaders.
Presidio Group founder Brodie Cobb, 52, replaces Alan Haig and Erin Kerrigan, who left Presidio to form their personal firms.
Haig founded his personal dealership advisory firm, Haig Partners, with fellow Presidio alumnus Nate Klebacha. Haig and Klebacha, who say they’ve overseen 150-plus transactions valued at nearly $ 3 billion throughout careers at AutoNation, Asbury Automotive Group and Presidio, will advise dealership consumers and sellers with an emphasis on greater value transactions.
Kerrigan formed Kerrigan Advisors, which will focus on advising dealership sellers, not buyers.
Back in the biz
Cobb will now return to the automotive retailing world he targeted on when he formed Presidio in 1997. Prior to founding Presidio, Cobb worked at investment bank Montgomery Securities, which helped dealership groups Sonic Automotive Inc. and Group one Automotive go public.
Presidio largely represents dealers hunting to sell their organizations. Cobb, who is also Presidio’s executive chairman, explained he expects that the industry’s dealership purchase/promote exercise in 2014 will surpass last yr.
“We uncover ourselves these days with a genuinely robust pipeline,” Cobb stated. “For professionals like us in the investment banking world, it is sort of Nirvana because it is a seller’s marketplace and you have sophisticated and ready consumers. That is a quite very good market place dynamic.”
Cobb projected that Presidio will manage a lot more transactions this 12 months than last year and that the transactions will represent a larger dollar value than in 2013. Given that the firm was founded, Presidio has completed 50-plus dealership transactions valued at far more than $ 2.5 billion. The firm usually operates on greater-value bargains, Cobb said.
In 2013, Presidio completed 3 transactions. It closed yet another deal in January when it recommended the Heller family members on the sale of Heller Ford and Heller Hyundai in Escondido, Calif., to Group 1.
Presidio has 2 full-time men and women devoted to automotive, and the company will add individuals to the practice this year, Cobb explained.
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