Stock Markets
Haig Partners Serves as the Exclusive Sell-Side Advisor on the Sale of La Crosse Truck Center Ford and La Crosse Truck Center Mack-Isuzu
FORT LAUDERDALE, Fla.–(BUSINESS WIRE)–Haig Partners LLC, the leading buy-sell advisory firm to auto, heavy truck and RV dealers in the U.S., served as the exclusive sell-side advisor on the sale of La Crosse Truck Center Ford and La Crosse Truck Center Mack-Isuzu. La Crosse Truck Center Ford was sold to Dahl Automotive, which has 13 franchised auto dealerships throughout Minnesota and Wisconsin, and La Crosse Truck Center Mack-Isuzu was sold to Kriete Truck Centers, which has 11 Volvo (OTC:) and Mack locations throughout Wisconsin.
La Crosse Truck Center Ford and Mack-Isuzu were previously part of River States Truck and Trailer. Last month, in a separate transaction, Haig Partners advised on the sale of its three Freightliner-Western Star dealerships to Premier Truck Group, a subsidiary of Penske Automotive Group (NYSE: NYSE:). The La Crosse Truck Center Ford dealership is one of the Ford’s last remaining medium-duty-only dealerships, and the Mack-Isuzu dealership sells and services both medium and heavy-duty trucks.
Joe Laux, the former owner and CEO of River States, shared, “When we decided to sell our business, the team at Haig Partners provided unparalleled expertise and guidance. Their knowledge of the medium and heavy-duty truck market was invaluable. They were instrumental in navigating the complexities of selling to multiple parties, ensuring that each dealership found the right home. I’d like to thank Derek Garber and Erik Haig for handling these most recent sales of the Ford and Mack-Isuzu dealerships. They did an impressive job and I’m very happy with the outcome.”
Andrew Dahl, President of Dahl Automotive, added, “We are excited to expand our partnership with Ford Motor Company (NYSE:), which dates back to 1911, with the acquisition of La Crosse Truck Center Ford. This Ford Pro location will allow us to further scale our commercial vehicle operations in the region. We look forward to continuing the legacy built by Joe and thankful for Haig Partners’ experience which enabled a smooth transaction.
David Kriete, CEO of Kriete Truck Centers, expressed, “Acquiring La Crosse Truck Center Mack-Isuzu aligns perfectly with our growth strategy. We appreciate the professionalism and thoroughness that Haig Partners demonstrated throughout the process.”
Derek Garber, Vice President at Haig Partners, stated, It was a privilege to work with Joe Laux on these transactions. During his career, Joe built an empire that included Freightliner, Western Star, Mack, Isuzu and Ford franchises. When Joe decided it was time to sell, he trusted our team at Haig Partners to find him the best possible outcome for each of his three businesses (categorized here as: River States Truck and Trailer, La Crosse Truck Center Ford and La Crosse Truck Center Mack-Isuzu).
Drawing from our past experience with heavy truck buy-sells, we did not believe that one single buyer would receive OEM approval to acquire all of Joe’s franchises. So, to get Joe an optimal outcome, we had to split up his empire. We then identified and approached the best possible buyers for each of the three businesses. While it was challenging to run three concurrent transactions, each with a different counterparty, we were still able to overcome OEM restrictions, navigate two closings with CDK still shut down, and ultimately deliver a successful outcome for our client. Congratulations to Joe Laux and his family, as well as to Andrew Dahl and David Kriete on their newest acquisitions.
Stephen Dietrich and Brooke Sizer of Holland & Knight, LLP, served as legal counsel. Troy Parsons (NYSE:), CFO Auto Dealership Consulting at CliftonLarsonAllen, LLP served as the closing consultant.
The team at Haig Partners has now been involved in the sale of medium and heavy-duty truck dealerships across Texas, Oklahoma, Tennessee, Indiana and Wisconsin. So far, in 2024, Haig Partners has represented clients in the sale of 34 dealerships in AL, FL, MD, MN, NC, NH, PA, and WI. Please contact any member of our team to discuss today’s market and how we might be able to help you Maximize the Value of Your Life’s Work ®.
About Haig Partners
Haig Partners is a leading buy-sell advisory firm that helps owners of higher-value auto, truck, RV and powersports 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 585 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 (NYSE:), AutoNation (NYSE:), Bank of America, Credit Suisse, Deloitte, FORVIS, J.P. Morgan, the Sewell Automotive Companies and Toyota (NYSE:) 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 https://www.haigpartners.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240717222108/en/
Transaction Contact:
Derek Garber
Vice President
Haig Partners
derek@haigpartners.com
(407) 949-2549
Media Contact:
Aimee Allen
Chief Growth Officer
Haig Partners
aimee@haigpartners.com
(603) 933-2194
Source: Haig Partners LLC
(Reuters) -Private equity firm Insight Partners is on the brink of closing a new $10 billion-plus fund, roughly half the amount originally targeted, the Financial Times reported on Sunday, citing five people with knowledge of its plans.
Insight will not formally close its 13th fund until early next year, the report said, adding that the final figure may be closer to $12 billion.
Insight Partners declined to comment on the report.
The report said Insight is using a private equity-style structure to sell more than $1 billion worth of stakes in start-ups and to free up cash to return to investors.
One of the start-ups is Israeli cybersecurity firm Wiz, which had called off a $23 billion deal with Google parent Alphabet (NASDAQ:) in July, the report said.
New York-based Insight raised $20 billion for its 12th flagship fund in 2022, aiming to ramp up investments in software and technology companies.
JERUSALEM (Reuters) -Prime Minister Benjamin Netanyahu said Israel would inflict a “heavy price” on the Iran-aligned Houthis who control northern Yemen, after they reached central Israel with a missile on Sunday for the first time.
Houthi military spokesman Yahya Sarea said the group struck with a new hypersonic ballistic missile that travelled 2,040 km (1270 miles) in just 11 1/2 minutes.
After initially saying the missile had fallen in an open area, Israel’s military later said it had probably fragmented in the air, and that pieces of interceptors had landed in fields and near a railway station. Nobody was reported hurt.
Air raid sirens had sounded in Tel Aviv and across central Israel moments before the impact at around 6:35 a.m. local time (0335 GMT), sending residents running for shelter. Loud booms were heard.
Reuters saw smoke billowing in an open field in central Israel.
At a weekly cabinet meeting, Netanyahu said the Houthis should have known that Israel would exact a “heavy price” for attacks on Israel.
“Whoever needs a reminder of that is invited to visit the Hodeida port,” Netanyahu said, referring to an Israeli retaliatory air strike against Yemen in July for a Houthi drone that hit Tel Aviv.
The Houthis have fired missiles and drones at Israel repeatedly in what they say is solidarity with the Palestinians, since the Gaza war began with a Hamas attack on Israel in October.
The drone that hit Tel Aviv for the first time in July killed a man and wounded four people. Israeli air strikes in response on Houthi military targets near the port of Hodeidah killed six and wounded 80.
Previously, Houthi missiles have not penetrated deep into Israeli air space, with the only one reported to have hit Israeli territory falling in an open area near the Red Sea port of Eilat in March.
Israel should expect more strikes in the future “as we approach the first anniversary of the Oct. 7 operation, including responding to its aggression on the city of Hodeidah,” Sarea said.
The deputy head of the Houthi’s media office, Nasruddin Amer, said in a post on X on Sunday that the missile had reached Israel after “20 missiles failed to intercept” it, describing it as the “beginning”.
The Israeli military also said that 40 projectiles were fired towards Israel from Lebanon on Sunday and were either intercepted or landed in open areas.
“No injuries were reported,” the military said.
PARIS (Reuters) – Eight people have died trying to cross the Channel from France to England, French authorities said on Sunday, confirming earlier media reports.
This latest incident follows the deaths of 12 people earlier this month when their boat capsized in the Channel on its way to Britain and highlights the pressure on the British and French governments to find ways to tackle the boat crossings.
Jacques Billant, the Prefect of the Pas-de-Calais region, said that rescue crews were alerted that a boat with 59 people onboard was in difficulty in waters off the coast of Ambleteuse in the Pas-de-Calais area.
“A new drama took place around one in the morning and we deplore the death of eight people,” he told a news conference, adding that the other 51 onboard were now in the care of rescue and medical crews.
The dead were men from Eritrea, Sudan, Syria, Egypt, Iran and Afghanistan, he added.
The Channel is one of the world’s busiest shipping lanes and currents are strong, which makes crossing on small boats dangerous.
The latest incident brings to 46 the number of people who have died trying to cross the Channel from France since the start of the year, Billant said.
On September 14 alone there were eight attempts to cross the Channel from France and some 200 migrants were rescued, he said.
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