Background:
The Ascension Team represents Dennis & Co. Auto Group, a growing automotive dealership leader in the Tri-State region. As part of their footprint expansion, they had acquired Kia of West Nyack and Chrysler, Jeep, Dodge, Ram of Clifton Park, New York. Their acquisitions of the dealerships included the real estate assets. Dennis & Co. realized that it had a higher and better use of its capital than being tied up in real estate, and engaged Ascension to execute a sale leaseback in order to monetize the assets, allowing the company to reinvest the proceeds to facilitate additional growth.
Client Objective:
The company selected Ascension as its advisor given the team’s extensive experience in the automotive sector and its robust network of investors focused on this specific asset class. The client was confident in Ascension’s ability to achieve the best outcome for the business.
Solution:
Ascension ran a competitive marketing process, focusing its outreach on sale leaseback investors with an automotive focus. After generating several offers, a sophisticated private fund, Legacy Automotive Capital, was awarded the deal. Ascension worked with the parties towards a successful closing within the expedited timeframe desired by the client, and the proceeds were used to pay down debt and reinvest into the growth of the operations.