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
Stock Markets
Palantir, Anduril join forces with tech groups to bid for Pentagon contracts, FT reports
(Reuters) – Data analytics firm Palantir Technologies (NASDAQ:) and defense tech company Anduril Industries are in talks with about a dozen competitors to form a consortium that will jointly bid for U.S. government work, the Financial Times reported on Sunday.
The consortium, which could announce agreements with other tech groups as early as January, is expected to include SpaceX, OpenAI, autonomous shipbuilder Saronic and artificial intelligence data group Scale AI, the newspaper said, citing several people with knowledge of the matter.
“We are working together to provide a new generation of defence contractors,” a person involved in developing the group told the newspaper.
The consortium will bring together the heft of some of Silicon Valley’s most valuable companies and will leverage their products to provide a more efficient way of supplying the U.S. government with cutting-edge defence and weapons capabilities, the newspaper added.
Palantir, Anduril, OpenAI, Scale AI and Saronic did not immediately respond to a Reuters request for comment. SpaceX could not be immediately reached for a comment.
Reuters reported earlier this month that President-elect Donald Trump’s planned U.S. government efficiency drive involving Elon Musk could lead to more joint projects between big defense contractors and smaller tech firms in areas such as artificial intelligence, drones and uncrewed submarines.
Musk, who was named as a co-leader of a government efficiency initiative in the incoming government, has indicated that Pentagon spending and priorities will be a target of the efficiency push, spreading anxiety at defense heavyweights such as Boeing (NYSE:) , Northrop Grumman (NYSE:) , Lockheed Martin (NYSE:) and General Dynamics (NYSE:) .
Musk and many small defense tech firms have been aligned in criticizing legacy defense programs like Lockheed Martin’s F-35 fighter jet while calling for mass production of cheaper AI-powered drones, missiles and submarines.
Such views have given major defense contractors more incentive to partner with emerging defense technology players in these areas.
Stock Markets
Weakened Iran could pursue nuclear weapon, White House’s Sullivan says
By Simon Lewis (JO:)
(Reuters) -The Biden administration is concerned that a weakened Iran could build a nuclear weapon, White House National Security Adviser Jake Sullivan said on Sunday, adding that he was briefing President-elect Donald Trump’s team on the risk.
Iran has suffered setbacks to its regional influence after Israel’s assaults on its allies, Palestinian Hamas and Lebanon’s Hezbollah, followed by the fall of Iran-aligned Syrian President Bashar al-Assad.
Israeli strikes on Iranian facilities, including missile factories and air defenses, have reduced Tehran’s conventional military capabilities, Sullivan told CNN.
“It’s no wonder there are voices (in Iran) saying, ‘Hey, maybe we need to go for a nuclear weapon right now … Maybe we have to revisit our nuclear doctrine’,” Sullivan said.
Iran says its nuclear program is peaceful, but it has expanded uranium enrichment since Trump, in his 2017-2021 presidential term, pulled out of a deal between Tehran and world powers that put restrictions on Iran’s nuclear activity in exchange for sanctions relief.
Sullivan said that there was a risk that Iran might abandon its promise not to build nuclear weapons.
“It’s a risk we are trying to be vigilant about now. It’s a risk that I’m personally briefing the incoming team on,” Sullivan said, adding that he had also consulted with U.S. ally Israel.
Trump, who takes office on Jan. 20, could return to his hardline Iran policy by stepping up sanctions on Iran’s oil industry.
Sullivan said Trump would have an opportunity to pursue diplomacy with Tehran, given Iran’s “weakened state.”
“Maybe he can come around this time, with the situation Iran finds itself in, and actually deliver a nuclear deal that curbs Iran’s nuclear ambitions for the long term,” he said.
Stock Markets
Ukraine says Russian general deliberately targeted Reuters staff in August missile strike
(Reuters) -Ukraine’s security service has named a Russian general it suspects of ordering a missile strike on a hotel in eastern Ukraine in August and said he acted “with the motive of deliberately killing employees of” Reuters.
The Security Service of Ukraine (SBU) said in a statement on Friday that Colonel General Alexei Kim, a deputy chief of Russia’s General Staff, approved the strike that killed Reuters safety adviser Ryan Evans and wounded two of the agency’s journalists on Aug. 24.
In a statement posted on Telegram messenger the SBU said it was notifying Kim in absentia that he was an official suspect in its investigation into the strike on the Sapphire Hotel in Kramatorsk, a step in Ukrainian criminal proceedings that can later lead to charges.
In a separate, 15-page notice of suspicion, in which the SBU set out findings from its investigation, the agency said that the decision to fire the missile was made “with the motive of deliberately killing employees of the international news agency Reuters who were engaged in journalistic activities in Ukraine”.
The document, which was published on the website of the General Prosecutor’s Office on Friday, said that Kim had received intelligence that Reuters staff were staying in Kramatorsk. It added that Kim would have been “fully aware that the individuals were civilians and not participating in the armed conflict”.
The Russian defence ministry did not respond to a request for comment on the SBU’s findings and has not replied to previous questions about the attack. The Kremlin also did not respond to a request for comment. Kim did not reply to messages sent by Reuters to his mobile telephone seeking comment about the SBU’s statement and whether the strike deliberately targeted Reuters staff.
The SBU did not provide evidence to support its claims, nor say why Russia targeted Reuters. In response to questions from the news agency, the security agency declined to provide further details, saying its criminal investigation was still under way and it was therefore not able to disclose such information.
Reuters has not independently confirmed any of the SBU’s claims.
Reuters said on Friday: “We note the news today from the Ukrainian security services regarding the missile attack on August 24, 2024, on the Sapphire Hotel in Kramatorsk, a civilian target more than 20 km from Russian-occupied territory.”
“The strike had devastating consequences, killing our safety adviser, Ryan Evans, and injuring members of our editorial team. We continue to seek more information about the attack. It is critically important for journalists to be able to report freely and safely,” the statement said.
Reuters declined to comment further on the allegation that its staff were deliberately targeted.
The SBU statement said Kim had been named a suspect under two articles of the Ukrainian criminal code: waging an aggressive war and violating the laws and customs of war.
“It was Kim who signed the directive and gave the combat order to fire on the hotel, where only civilians were staying,” it said.
Evans, a 38-year-old former British soldier who had worked as a safety adviser for Reuters since 2022, was killed instantly in the strike.
The SBU statement gave some details about how the strike had occurred, according to its investigation.
“To carry out the attack, the Russian colonel general involved one of his subordinate missile forces units,” the Ukrainian agency said, adding that the strike was carried out with an Iskander-M ballistic missile.
The SBU did not identify the specific unit.
Ivan Lyubysh-Kirdey, a videographer for the news agency who was in a room across the corridor, was seriously wounded. Kyiv-based text correspondent Dan Peleschuk was also injured.
The remaining three members of the Reuters team escaped with minor cuts and scratches.
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