Haig Partners Serves as the Exclusive Sell-Side Advisor to Greenway Automotive on the Sale of Greenway of the Shoals in Muscle Shoals, AL
May 16 2024 - 12:19PM
Business Wire
Haig Partners LLC, a leading buy-sell advisory firm to auto,
heavy truck, and RV dealers in the United States, served as the
exclusive sell-side advisor to Greenway Automotive, ranked #17 on
the 2023 Automotive News Top 150 Dealership Group list, on the sale
of Greenway of the Shoals to ZT Automotive. The sale includes
Toyota, Honda, Nissan and CDJR dealerships. Greenway of the Shoals
sold its Hyundai dealership to Joe Marshall in April 2024.
Greenway Automotive owns more than 30 other dealerships,
primarily in Florida, Texas and the Southeast. It is not selling
any other dealerships. It is divesting these dealerships to
reallocate capital to acquire dealerships in larger markets.
Carl Atkinson, the dealer principal of Greenway Automotive
Group, stated, “We have enjoyed serving customers in the Muscle
Shoals area for many years. I wish the new owners much success. And
I would like to thank Alan Haig and Pete Thiel from Haig Partners
for their advice and assistance. I have been around the purchase
and sale of a lot of dealerships in my career, but I still wanted a
leading team to help me find the best buyer for these divestitures
and guide a complex transaction to a successful closing.”
With the purchase of these four dealerships, ZT Automotive now
owns 13 dealerships in Alabama, Florida, Georgia and Texas. Taseer
Badar, Chairman and CEO of ZT Corporate and CEO of ZT Automotive,
stated, “We are excited to establish a presence in Alabama and to
have the opportunity to represent Honda, Nissan, Chrysler Dodge
Jeep Ram FIAT and Toyota in this market. Our robust automotive
portfolio is a core part of our future, and we look forward to
bringing the ZT experience to customers in the region.”
Alan Haig of Haig Partners shared, “It was a pleasure working
with my colleague Pete Thiel to assist Greenway Automotive in
divesting these dealerships. This was a large transaction in a
small market, which is not always easy to accomplish. However, we
knew that ZT Automotive would be a good fit given its desire to
grow further in the Southeast.
“This transaction demonstrates that the demand for auto
dealerships remains strong even as profits have begun to tick down.
We’ve had the pleasure of representing owners of 28 dealerships so
far in 2024 and the values have been impressive, including what we
believe are record-setting prices for BMW and Honda franchises.
Buyers expect that dealerships will continue to provide an
attractive return on investment and have confidence in the
diversified business model, which brings healthy profits in almost
all economic environments. While demand for dealerships is strong
nationwide, the Southeast is one of the most desirable markets
given its strong population growth, low taxes and business friendly
regulations. With the sale of Greenway of the Shoals, Haig Partners
has been involved in the purchase or sale of 194 dealerships in the
Southeast.”
Brian Nolen of Nolen, PLLC provided legal assistance to the
seller, and Monica Hoenshell of Calvert Law provided legal
assistance to the buyer.
About Haig Partners Haig Partners is a leading buy-sell
advisory firm that helps owners of higher-value auto, truck, RV,
and motorsports dealerships maximize the value of their businesses
when they are ready to sell. The team at Haig Partners has advised
on the purchase or sale of more than 575 dealerships with a total
value of over $11 billion. It has represented 28 dealership groups
that qualify for the Top 150 Dealership Groups list published by
Automotive News, more than any other firm. Clients of Haig Partners
benefit from the group's collective experience as previous
executives with leading companies such as Ally Financial,
AutoNation, Bank of America, Credit Suisse, Deloitte, FORVIS, J.P.
Morgan, the Sewell Automotive Companies and Toyota Financial
Services. Leveraging its unmatched expertise and extensive
relationships, Haig Partners guides clients to successful outcomes
through a confidential and customized sales process. The firm
authors The Haig Report®, the leading industry quarterly report
that tracks trends in auto retail and their impact on dealership
values, and co-authors NADA’s Guide, “Buying and Selling a
Dealership.” Haig Partners team members are frequent speakers at
industry conferences and are regularly quoted in reputable media
outlets, including Reuters, Forbes, The Wall Street Journal, The
New York Times, CNBC, BBC, Automotive News, Wards, CarDealershipGuy
and CBT News. For more information, visit www.haigpartners.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240516925475/en/
Transaction Contact: Alan Haig Founder and President Haig
Partners alan@haigpartners.com (954) 646-8921
Media Contact: Aimee Allen Chief Growth Officer Haig
Partners aimee@haigpartners.com (603) 933-2194