IRVINE, Calif. — Auto dealer sell-side advisory firm Kerrigan Advisors represented and advised Tom Hoffman and Gary Campbell, co-owners of Puente Hills (Calif.) Chevrolet, in their recent sale to Pendragon PLC, the company announced.
The dealership has been in the Hoffman family since 1944, originally doing business as Leo Hoffman Chevrolet. Pendragon PLC is a UK-based auto retailer with over 220 dealerships worldwide; the company currently operates five dealerships in the United States under Pendragon North America.
“It’s been an incredible experience to be connected so deeply to the greater San Gabriel Valley community,” said Tom Hoffman. “It’s been 73 years of selling and servicing cars for families, first as Leo Hoffman Chevrolet, and now as Puente Hills Chevrolet. It has been a privilege to grow our business and be a part of this wonderful community.”
“Heading into this transaction, it was critical that our sell-side advisors understand our business, its value and opportunities,” said Gary Campbell. “When a family sells a dealership after 70-plus years of ownership, it brings with it a unique set of complexities. Our sell-side advisor had to know how to navigate through these potential challenges. That’s why we chose Kerrigan Advisors. They have deep experience and expertise in terms of representing multigenerational dealerships and dealer families.”
Kerrigan Advisors, headed by Erin Kerrigan and Ryan Kerrigan, has represented on the sale of 60 dealerships since July 2015, making it the most active sell-side advisor in the US auto retail industry. Ryan Kerrigan noted that the sale of Puente Hills Chevrolet was of particular note because the dealership is being acquired by an international buyer. This buy/sell trend, which was featured in Kerrigan Advisors 2016 Third Quarter Blue Sky Report, is expected to continue for the remainder of 2017 and into 2018.
“We were privileged to work with Tom and Gary in creating the right transaction for their families. We are confident that this is a very positive outcome for the employees and customers of Puente Hills Chevrolet.” said Ryan Kerrigan, Managing Director of Kerrigan Advisors. “We are also happy to see Pendragon grow its footprint in Southern California and expect more international buyers to enter the US auto retail market in the future.”