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
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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
Five9 stock hits 52-week low at $28.74 amid market challenges
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In a turbulent market environment, Five9 (NASDAQ:) Inc’s stock has touched a 52-week low, reaching a price level of $28.74. This significant downturn reflects a broader trend for the cloud software company, which has seen its shares plummet by -58.79% over the past year. Investors are closely monitoring Five9’s performance as it navigates through a period of heightened volatility and shifting industry dynamics, which have contributed to the stock’s current valuation at this low point. The company’s efforts to rebound from this position will be under scrutiny in the coming quarters as market participants look for signs of a strategic turnaround or further indications of market pressures.
In other recent news, Five9 Inc . has achieved an annual revenue run rate exceeding $1 billion in Q2, a significant milestone despite lowering its annual revenue guidance by 3.8% due to customer budget constraints. The company’s adjusted EBITDA margin rose to 17% of revenue, contributing to a strong operating cash flow of $126 million. The company also confirmed plans to reduce its global workforce by approximately 7% by the end of 2024, a strategic move projected to cost between $12 million and $15 million.
Five9’s recent acquisition of Acqueon, a firm specializing in proactive outbound omnichannel customer engagement, aims to expand its AI offerings and bolster its growth. This move is in line with the company’s focus on managing expenses and improving profitability, with initiatives like FedRAMP and expansion into India anticipated to improve gross margins.
In their analysis, Piper Sandler maintained an Overweight rating for Five9, with a steady price target of $47.00, while Needham and BTIG both maintained a Buy rating with price targets of $48.00 and $45.00 respectively. These ratings reflect the firms’ confidence in Five9’s strategic positioning and potential for growth, despite the current challenges and workforce reduction.
InvestingPro Insights
Amid the current market conditions, Five9 Inc’s recent performance can be put into perspective with select data from InvestingPro. The company’s market capitalization stands at roughly $2.15 billion, indicating the size and scale of the business amidst its challenges. Despite the stock’s decline, analysts are showing a hint of optimism, with 20 analysts having revised their earnings estimates upwards for the upcoming period. This could signal a potential turnaround in sentiment or underlying business performance.
Importantly, Five9’s liquid assets are reported to surpass short-term obligations, suggesting that the company maintains a degree of financial flexibility to navigate its current difficulties. Furthermore, while the stock is trading near its 52-week low, it’s worth noting that the relative strength index (RSI) suggests the stock is in oversold territory, which can sometimes precede a rebound in share price. Investors looking for comprehensive analysis and additional InvestingPro Tips on Five9 can find more insights, including 14 other tips, at https://www.investing.com/pro/FIVN.
In terms of financial health, the company operates with a moderate level of debt and is expected to become profitable this year, according to analysts’ predictions. These elements may offer some solace to investors considering the stock’s substantial price fall over the last year. For those seeking a deeper dive into Five9’s valuation and future prospects, the InvestingPro platform provides a fair value estimate of $45.04, which is considerably higher than the current trading price, suggesting potential undervaluation.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Stock Markets
TD Cowen maintains Buy on Terns Pharmaceuticals
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TD Cowen reiterated its Buy rating on shares of Terns Pharmaceuticals (NASDAQ:TERN), following the company’s investor call. The call was held to manage expectations for the upcoming Phase 1/2 CARDINAL study data for chronic myeloid leukemia (CML). The firm noted the challenges in measuring the efficacy endpoint (EP) due to disease progression and the absence of treatment switch guidelines, which makes major molecular response (MMR) a challenging efficacy endpoint for Phase 1/2 trials.
The interim Phase 1/2 data aims to evaluate descriptive efficacy signals, considering patients’ baseline BCR-ABL levels and treatment history. The analyst highlighted that the once-daily (QD) dosing and the lack of food effect could potentially enhance the quality of life for patients compared to other allosteric tyrosine kinase inhibitors (TKIs).
Terns Pharmaceuticals has been focusing on the development of improved treatment options for CML. The company’s approach to dosing, which does not require food intake, may offer a more convenient alternative for patients, potentially leading to better adherence and outcomes.
The topline data from the 6-month Phase 1/2 CARDINAL study is anticipated to be available in 2025. This data will provide further insights into the treatment’s efficacy and safety, which are critical factors in the ongoing development and potential approval process.
Investors and stakeholders in Terns Pharmaceuticals are expected to closely monitor the progress of the CARDINAL study, as it could have a significant impact on the company’s future prospects and position in the CML treatment landscape.
In other recent news, Terns Pharmaceuticals has experienced significant developments. The biopharmaceutical company reported robust earnings and revenue results, with Mizuho Securities maintaining an Outperform rating on Terns shares, citing strong enthusiasm for the company’s drug, TERN-701, a potential treatment for chronic myeloid leukemia.
The firm expects the first interim Phase 1 CARDINAL study data for TERN-701 in December.
Terns also announced the appointment of Elona Kogan as its new chief legal officer, a move that underscores the company’s strategic development and pipeline advancement.
The company also secured an extension of its office lease in Foster City, California, through 2027, reflecting Terns Pharmaceuticals’ operational stability and long-term planning.
In terms of clinical trials, Terns has made progress in its ongoing Phase 1 study of TERN-701, with interim findings suggesting the drug can be administered once daily with or without food.
This development, coupled with the forthcoming Phase 1 data for another of Terns’ drugs, TERN-601—an oral GLP-1 receptor agonist for obesity—expected next month, underscores the company’s commitment to innovative therapies.
These recent developments, from financial performance to executive appointments and clinical trials, highlight Terns Pharmaceuticals’ ongoing efforts to advance its strategic objectives and deliver on its mission. The company’s activities are closely watched by investors and industry analysts, including those from Mizuho Securities, who continue to support the company’s potential.
InvestingPro Insights
As Terns Pharmaceuticals (NASDAQ:TERN) navigates the complexities of its Phase 1/2 CARDINAL study, investors are keeping a keen eye on the company’s financial health and stock performance. According to InvestingPro, Terns holds more cash than debt, which is a positive signal for financial stability. Additionally, with five analysts revising their earnings upwards for the upcoming period, there is a sense of optimism about the company’s potential performance.
However, it’s important to note that Terns is not currently profitable and has been quickly burning through cash, which may raise concerns about long-term sustainability. The company’s P/E Ratio stands at -5.71, reflecting these profitability challenges. Despite these hurdles, Terns has managed a 1 Year Price Total Return of 45.42%, indicating some investor confidence in the company’s growth prospects. The anticipated fair value from analysts stands at 15 USD, while the InvestingPro Fair Value is calculated at 5.8 USD, highlighting a divergence in valuation perspectives.
For those looking for more in-depth analysis, additional InvestingPro Tips on Terns Pharmaceuticals can be found at https://www.investing.com/pro/TERN, offering a comprehensive look at the company’s financial details and stock performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Stock Markets
Macron discussed support for Ukraine and Gaza ceasefire with Germany’s Scholz
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PARIS (Reuters) – French President Emmanuel Macron discussed the importance of maintaining support for Ukraine and the need for a ceasefire in Gaza during talks on Friday with German Chancellor Olaf Scholz, said the French presidency.
Regarding Ukraine, the two leaders expressed their determination to support the country “for as long and as intensively as necessary” in its war against Russia, the Elysee said.
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