South Carolina’s Largest Powersports Dealership Gets New Ownership
Powersports Listings M&A announces the purchase of Wenatchee Powersports by Brandon Montgomery of Cle Elum, Washington
MYRTLE BEACH, S.C., February 24, 2020 (Newswire.com) –Redline Powersports of Myrtle Beach, South Carolina is now under new ownership. Jonathan Waters (Buyer and new owner) is a self-described entrepreneur and businessman to the core. This is evidenced by his creation of his own motor vehicle fix and flip operation at 16 years of age. His adult working experience includes Quality Control Management at Briggs and Stratton; Finance Management, Sales Management and General Management roles across retail dealership brands including Honda, Yamaha, Kawasaki, Polaris, Suzuki, Chrysler, Jeep, Dodge Ram, and most recently Toyota. His entrepreneurial knack for fix and flip graduated into residential real estate outside of normal business hours.
Jonathan purchased the 51,500 square foot flagship Honda, Yamaha, Polaris, BRP-Can-am-SeaDoo-Spyder, Kawasaki, and Suzuki dealership from industry veteran Larry Brooks. Larry still owns and operates Commonwealth Powersports, a Honda, Yamaha, Polaris-Slingshot, Kawasaki and Suzuki dealership in the Richmond, Virginia area.
After 33 years in the industry and operating two large dealerships 300 miles apart for more than a decade, Larry’s professional schedule had him spending much of his time in Virginia and had expanded into additional business interests outside of powersports. This logistical challenge eventually compelled Larry Brooks to sell his Myrtle Beach operation. Industry references recommended that he hire Powersports Listings M&A (PLMA) to manage his sale and Larry followed that recommendation.
PLMA worked diligently for nearly two years to find the right candidate for the purchase. Jerry Szopinski, PLMA’s President of Sales, commented, “It often takes more time to find a buyer for the larger multi-line dealerships, and our portfolio of over 30 correlated dealership listings provides the necessary pipeline to make those deals happen.”
Jonathan Waters nearly purchased two Atlanta-area dealerships through PLMA in early 2019. Even though that transaction did not come to fruition, Jonathan’s positive experience with the PLMA team motivated him to stay in the pipeline for another powersports dealership opportunity. Once the introduction was made with Larry Brooks in late 2019, the buy-sell transaction was on a rock-solid path to closing with PLMA’s guidance.
Jonathan Waters stated, “PLMA’s expertise was incredible in providing the support I needed from the deal negotiation, legal and accounting references, OEM applications, business plans, and the list goes on.”
Larry Brooks commented at closing, “In working with PLMA for nearly two years, I fully appreciate their tenacity and the fact that they saw everything through to the final hour of closing. They even hosted a celebration dinner. Job well done.”
Top Michigan Honda Powersports Dealership Gets New Ownership
MONROE, Mich., February 5, 2020 (Newswire.com) – John Carr, a lifelong Monroe, Michigan, resident and avid powersports enthusiast began Trojan Powersports in 2010 by adding the full range of Honda vehicles (Motorcycles, ATVs, UTVs, and Scooters) to his thriving used powersports vehicle dealership. Within a few short years, John grew Trojan Powersports into a top Michigan Honda powersports dealership, selling over 500 vehicles per year.
After a decade of the fast-paced world as a Honda powersports dealership owner, John decided to explore the possibility of selling his business to spend more time with his family. John Carr was familiar with the Powersports Listings M&A (PLMA) firm, having sold other powersports dealerships in his market area over the past many years, and contacted Jerry Szopinski, PLMA’s President of Sales & Networking, for an initial consultation on the market potential for a sale. PLMA has observed a current trend of more young entrepreneurs exploring business ownership in the powersports dealership market and Jerry explained that this could benefit John Carr as a seller.
Within a few months, PLMA had identified several potential buyers. Robert Weir of Rochester, Michigan, a young and successful automotive executive whose background includes serving as Head of Motorsports for Subaru of America and Performance Brand Manager at Fiat Chrysler Automobiles, arose as the right fit at the right time to acquire Trojan Powersports.
As a new entrepreneur entering the arena of Powersports dealership ownership, PLMA was instrumental in assisting Robert with the full gamut of the acquisition process including agreement structure, financing options, manufacturer applications, and business planning.
Robert Weir took over operations of Trojan Powersports the second week of January 2020 and is in full swing of applying his corporate-level marketing skillsets to take the Honda dealership to the next level. The acquisition included all of the operating assets of the dealership along with the real estate, including the 1.3-acre property with two facilities.
Robert stated, “I am excited to bring my automotive and racing experience to the powersports industry and will continue to keep Trojan Powersports as the #1 Honda dealer in Michigan. I appreciate the guidance and advice from the team at PLMA for making this acquisition a success.”
John Carr commented at closing, “I hand-painted the red Honda stripe all the way around this showroom when I first moved into this facility. In thinking about all of the sweat and energy I have invested in this dealership, I am so appreciative of PLMA for delivering a great transition for Trojan Powersports.”
Yamaha, Polaris, KTM Dealership in Wenatchee, Washington Gets New Ownership
PLMA’s marketing efforts identified Brandon Montgomery a construction industry professional and powersports on road, off road, and build enthusiast out of nearby Cle Elum, Washington as a perfect fit for the Wenatchee Powersports purchase.
Jerry Szopinski, PLMA President of Sales & Networking, managed the confidential introductions and meetings between the buyer and seller and the deal started to come together. Tom Macatee, PLMA CEO, personally managed the initial offer and purchase agreement negotiations and a formal deal was struck between Melanie Wilhoite and Brandon Montgomery paving the way for the ownership change.
David Clay, PLMA CIO, assisted Brandon Montgomery and his partners throughout the OEM application process and business plan construction to assure that time lines remained on track for the targeted closing date with necessary approvals from Yamaha, Polaris, and KTM.
Melanie Wilhoite further commented “PLMA took a lot off of my plate and was well worth their success fee. Representation by a broker that understands the business can make the difference between crossing the finish line or breaking down along the way. David Clay flew to the dealership for the closing and assisted on site with the final reports, calculations, and was my liason to the Buyer and attorneys. PLMA GETS IT!”Melanie Wilhoite, Selling Owner, Wenatchee Powersports
Powersports Listings Mergers & Acquisitions Attracts Successful Private & Venture Equity Executive & Entrepreneur for the Asset Acquisition of CHESTER’S GRAND TETON HARLEY-DAVIDSON of Idaho Falls, Idaho
GRAND TETON HARLEY-DAVIDSON consists of a main Harley-Davidson dealer location in Idaho Falls, Idaho with secondary retail locations in Jackson, WY and Pocatello, ID under the names JACKSON HOLE HARLEY-DAVIDSON and EAGLE ROCK HARLEY-DAVIDSON respectively.
Jerry Szopinski, Powersports Listings Mergers & Acquisitions (PLMA) – President of Sales & Networking, established a sturdy relationship with the ownership group of the Chester’s H-D dealerships beginning in 2009, and all the while consulting with them around buy-sell opportunities that might be interesting to this multi-unit Harley-Davidson dealership enterprise.
The owners contracted with PLMA when it came time to move from buying mode to selling mode after 15+ years of successful ownership at the Grand Teton Harley-Davidson locations in Idaho Falls, ID; Jackson, WY; and Pocatello, ID.
Through many weeks of confidential marketing, the PLMA team identified Greg and Mary Woodward of Salt Lake City, Utah as ideal candidates for the unique acquisition of the three store package. Greg Woodward has a long track record of success as a business operator and has built and scaled several businesses in the private equity investment arena. He has served in several executive positions with private and venture equity fund operators and currently manages his own family investment fund.
Greg and Mary have been long time Harley-Davidson enthusiasts in addition to a long list of “awesome” hobbies such as racing Porsches, building show quality cars, and collecting historical motorcycles.
The Woodward family closed on the purchase of the assets of the dealerships and took over operations as of Oct. 1, 2019. The Woodwards will retain the names Grand Teton Harley-Davidson, Jackson Hole Harley-Davidson, and Eagle Rock Harley-Davidson with the retirement of the “Chester’s” header. With the stores’ proximity to some of the best motorcycle roads in the world, the Woodwards plan to establish the dealerships as “must stop” destinations for motorcyclists and tourists. Greg Woodward commented at the closing of the sale that “The PLMA team clearly has a command of the Harley-Davidson dealership sale and acquisition process.”
The PLMA team clearly has a command of the Harley-Davidson dealership sale and acquisition process.Greg Woodward – Owner, Grand Teton Harley-Davidson