Family owned and operated since World War II, Puente Hills Chevrolet changes hands with the retirement of co-owners Tom Hoffman and Gary Campbell; Pendragon’s first US acquisition since the early 2000s.
Kerrigan Advisors, the leading sell-side advisory firm to auto dealers in the US, represented and advised Tom Hoffman and Gary Campbell, co-owners of Puente Hills Chevrolet, in their recent sale to Pendragon PLC. The dealership has been in the Hoffman family since 1944, originally doing business as Leo Hoffman Chevrolet. Pendragon PLC is a UK-based auto retailer with over 220 dealerships worldwide; the company currently operates five dealerships in the United States under Pendragon North America.
"It's been an incredible experience to be connected so deeply to the greater San Gabriel Valley community," said Tom Hoffman. "It's been 73 years of selling and servicing cars for families, first as Leo Hoffman Chevrolet, and now as Puente Hills Chevrolet," he said. "It has been a privilege to grow our business and be a part of this wonderful community."
"Heading into this transaction, it was critical that our sell-side advisors understand our business, its value and opportunities," said Gary Campbell. "When a family sells a dealership after 70-plus years of ownership, it brings with it a unique set of complexities. Our sell-side advisor had to know how to navigate through these potential challenges. That's why we chose Kerrigan Advisors. They have deep experience and expertise in terms of representing multi-generational dealerships and dealer families.
"Kerrigan Advisors, headed by Erin Kerrigan and Ryan Kerrigan, has represented on the sale of 60 dealerships since July 2015, making it the most active sell-side advisor in the US auto retail industry. Ryan Kerrigan noted that the sale of Puente Hills Chevrolet was of particular note because the dealership is being acquired by an international buyer. This buy/sell trend, which was featured in Kerrigan Advisors 2016 Third Quarter Blue Sky Report®, is expected to continue for the remainder of 2017 and into 2018.
"We were privileged to work with Tom and Gary in creating the right transaction for their families. We are confident that this is a very positive outcome for the employees and customers of Puente Hills Chevrolet," said Ryan Kerrigan, Managing Director of Kerrigan Advisors. "We are also happy to see Pendragon grow its footprint in Southern California and expect more international buyers to enter the US auto retail market in the future."
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Kerrigan Advisors is the leading sell-side advisor and thought partner to auto dealers nationwide. Since its founding in 2014, the firm has led the industry with the sale of over 280 dealerships representing $9 billion in client proceeds, including the third largest transaction in auto retail history – the sale of Jim Koons Automotive Companies to Asbury Automotive Group. The firm advises the industry’s leading dealership groups, enhancing value through the lifecycle of growing, operating and, when the time is right, selling their businesses. Led by a team of veteran industry experts with backgrounds in investment banking, private equity, accounting, finance and real estate, Kerrigan Advisors does not take listings, rather they develop a customized sales approach for each client to achieve their personal and financial goals. In addition to the firm’s sell-side advisory services, Kerrigan Advisors also provides a suite of consulting and investor services including growth strategy, market valuation assessments, capital allocation, transactional due diligence, open point proposals, operational improvement and real estate due diligence.
Kerrigan Advisors monitors conditions in the buy/sell market and publishes an in-depth analysis each quarter in The Blue Sky Report®, which includes Kerrigan Advisors’ signature blue sky charts, multiples, and analysis for each franchise in the luxury and non-luxury segments. To download a preview of the report, click here. The firm also releases monthly The Kerrigan Index™ composed of the seven publicly traded auto retail companies with operations focused on the US market. The Kerrigan Auto Retail Index is designed to track dealership valuation trends, while also providing key insights into factors influencing auto retail. To access The Kerrigan Index™, click here. To read the 2023 Kerrigan Dealer Survey, click here. To read the 2024 Kerrigan OEM Survey, click here. Kerrigan Advisors also is the co-author of NADA’s Guide to Buying and Selling a Dealership.
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