April 5, 2013
DENVER, April 5, 2013 -- W.G. Nielsen & Co., a leading investment banking firm headquartered in Denver, CO, announced that Moreland Auto Group has sold six of it dealerships in Arizona: Tucson Dodge, Tucson Chrysler Jeep, Tucson Fiat, Tucson Volkswagen, Avondale Automotive, and Avondale Fiat. The dealerships, which were co-owned by Doug Moreland and John Grant, represent the majority of the Moreland Auto Group dealerships within the Arizona market. Terms of the agreement were not disclosed.
"The Arizona market has turned around, and we had experienced significant growth in the last couple of years. John and I were looking to move into a different market, and the Larry H. Miller Group was an ideal buyer to continue the legacy we built in Arizona," said Doug Moreland, the head of the Moreland Auto Group. "All of our personnel are staying with the Miller Group, which has a terrific reputation for taking care of their employees. This was an important element of the transaction for us."
Steve Starks, Executive Vice President at Larry H. Miller Group of Companies commented that, "We had been looking to increase our presence within the Arizona market, and this opportunity was a perfect fit for us. It allows us to grow within the region and with brands about which we are excited."
Wayne Nielsen, who led the deal for W.G. Nielsen & Co., believes that this is indicative of increasing opportunities within the retail automotive sector. "We have built strong relationships within automotive retailing, and this transaction is another example of the increasing merger and acquisition activity. We expect that this will be one of several large transactions done in this sector over the next twelve months."
About Moreland Auto Group
Founded in 1980, Moreland Dealerships have become a staple in Colorado's automotive world and grew to Arizona in the early 1990's. The Company's remaining platform is comprised of 14 automotive dealerships representing 11 manufacturers.
The Company is well known for the iconic Dealin' Doug advertising, and has a strong and committed sales staff with many years of experience satisfying customer's needs. To learn more about the Moreland Auto Group, visit www.dealindougautos.com.
About Larry H. Miller Group of Companies
The Larry H. Miller Group of Companies began with a single automotive dealership, Larry H. Miller Toyota, in Murray, Utah on May 1, 1979. Since that time, the Larry H. Miller Group of Companies has amassed more than 80 businesses and properties doing business in over 41 states. These businesses fall within two primary areas: automotive and sports and entertainment.
Most notable of the Larry H. Miller Sports & Entertainment properties are the NBA Utah Jazz; MLB Triple-A Salt Lake Bees; the world-renowned Miller Motorsports Park; Fanzz sports retail apparel stores; Energy Solutions Arena, which seats over 19,000; KJZZ-TV and The Zone radio station; the Larry H. Miller Megaplex Theatres; and many other related businesses.To learn more about Larry H. Miller Group of Companies, please visit www.lhm.com.
To read the Denver Business Journal’s article on the transaction, please click on the following link: Dealin' Doug Moreland lives up to his name.