TAMPA, FL—October 19, 2021– The Presidio Group LLC (“Presidio”), an independent merchant banking firm focused on mergers and acquisitions, capital raising, and investments in the automotive retail and consumer mobility sectors, exclusively advised the Norris Family on the sale of Buick GMC Palm Harbor and Buick GMC Clearwater to Tasca Automotive Group.
“The Presidio Group served as a trusted strategic advisor in helping my family diversify our portfolio of assets for the future,” said Doug Norris, principal of Buick GMC Palm Harbor and Buick GMC Clearwater. “The entire process was seamless. Presidio identified the right acquirer for our stores, enabling us to focus on other business interests. They did so professionally and exceeded our expectations.”
“We were looking to grow our presence in the thriving Florida market and were thrilled when the experienced team at The Presidio Group approached us about this strategic acquisition,” said Carl Tasca Jr., vice president of Tasca Automotive Group. “These dealerships are a perfect complement to our existing Buick and GMC franchises in Florida. We welcome the teams to the Tasca family and look forward to serving their loyal customers with integrity and honesty.”
The Norris family entered the Florida retail car business in 1988. Dick Norris Automotive operates two Buick GMC dealerships strategically located in the growing Tampa Bay metropolitan area. The dealerships are known for their excellent customer service. The Norris family also owns a boat operation and a car wash in the Tampa Bay area and will continue to operate those businesses.
Tasca Automotive Group is a family-owned dealership group. The group owns a Buick GMC dealership in Melbourne, FL as well as numerous dealerships in the northeastern United States and the Midwest. Florida is the third largest market in the U.S. for new light vehicles, and the population of the Tampa Bay metro area is expected to grow by more than 20 percent by 2040.
“Florida is one of the most sought-after markets in the U.S. and we were excited to work with Dick and Doug Norris to find a buyer for these highly-desirable dealerships,” said George Karolis, president of The Presidio Group. “With this transaction, Presidio has advised on transactions involving 81 dealership franchises in 2021 and we have an active schedule for the remainder of the year. The dealership M&A market is on fire.”
“We have advised numerous family-owned dealership groups, working with them to achieve their strategic goals,” said Brodie Cobb, founder and CEO of The Presidio Group. “We were honored to help the Norris family sell their dealerships and diversify their holdings.”
J. Eric Gregory, Esq. of Gregory Law LLC served as legal counsel to the seller. James P. Redding of Greenberg Traurig, LLP served as legal counsel to the buyer.
The Presidio Group provided exclusive M&A advisory services to Doug Norris through its wholly owned investment bank, Presidio Merchant Partners LLC.
The Presidio Group LLC was founded in 1998 with the simple mission to relentlessly put the interests of our clients first. By steadfastly adhering to this philosophy, the firm has earned the trust of clients throughout the United States. During their careers, the professionals at Presidio have collectively completed more than 205 transactions for nearly $14.0 billion. It also publishes Presidio’s Where the Rubber Meets the Road, a leading source of information about the automotive retail landscape and the automotive retail M&A environment. The Presidio Group is based in Denver and Atlanta. Presidio Merchant Partners LLC is a subsidiary of The Presidio Group LLC and is a member of FINRA and SIPC. For more information on Presidio, visit www.thepresidiogroup.com.