Mills Automotive Group has significantly broadened its portfolio with the acquisition of Tysinger Motor Company, Incorporated, adding five dealership franchises to its expanding network. This strategic move includes the highly sought-after Tysinger Mercedes-Benz franchise, alongside Audi, Hyundai, and Genesis dealerships, as well as a Mercedes-Benz Sprinter commercial van franchise, all situated in the thriving Hampton Roads region of Virginia.
The Presidio Group LLC, a leading merchant banking firm specializing in the automotive retail sector, acted as the exclusive advisor to Mark Tysinger in this significant transaction. For a company with a near century-long legacy, finding the right buyer was paramount. Mark Tysinger, president of Tysinger Motor Company, Incorporated, emphasized the importance of legacy preservation, stating, “The team at Presidio understood that we were selling a dealership group that has been in our family for nearly 100 years and we wanted a buyer that would not just protect but enhance our legacy. With their extensive industry knowledge, they were able to accurately value my dealerships and find the perfect buyer.”
Damian Mills, CEO of Mills Automotive Group, highlighted the strategic fit of this acquisition, noting, “These franchises complement our growing dealership group. His stellar mix of franchises in the diverse and growing Hampton Roads region is a perfect fit for our continued geographic and brand expansion. I was especially impressed with the professionalism of the Presidio Group throughout the course of this significant acquisition for our company.” The Hampton Roads market, home to multiple Fortune 500 companies and experiencing rapid population growth, presents a robust environment for automotive retail.
The acquisition of Tysinger Mercedes and its sister dealerships represents more than just portfolio expansion for Mills Automotive Group. It’s an integration of a business deeply rooted in community values and a strong employee culture. “We look forward to building upon the strong culture and tradition of community involvement established by Mark Tysinger and his family and welcome the amazing team members of the Tysinger dealerships to our family,” added Mills.
George Karolis, president of The Presidio Group, underscored the significance of Tysinger Motor Company’s reputation, stating, “Tysinger has been an iconic brand in the region for nearly a century, with deep roots in fostering a thriving culture for its employees and the local community at large. It was of the utmost importance to find the right buyer in Mills Automotive Group to continue building upon this culture and legacy.” Presidio’s role in this deal further solidifies their position as key advisors in the automotive M&A landscape, having closed numerous transactions in 2021 alone.
Brodie Cobb, founder and CEO of The Presidio Group, highlighted the firm’s expertise in facilitating generational transitions within family-owned dealership groups. “We have worked on many transactions involving the sale of a dealership group that has been in a family for multiple generations before the family decides to strategically diversify,” Cobb explained. The Tysinger family’s automotive heritage dates back to 1926, with a pioneering move into the luxury market with Mercedes-Benz in 1964, demonstrating foresight even when market demographics seemed to suggest otherwise. Furthermore, Tysinger Motor Company was ahead of the curve in adopting digital retailing strategies, contributing significantly to their financial success.
The legal aspects of the transaction were handled by South T. Patterson of Patten, Wornom, Hatten & Diamonstein, LLC, representing Tysinger Motor Company, Incorporated, and J. Gregory Humphries of Shutts & Bowen LLP, serving as legal counsel for Mills Automotive Group. Presidio Merchant Partners LLC, an investment banking subsidiary of The Presidio Group LLC, provided the exclusive M&A advisory services for this deal.
About The Presidio Group LLC
Founded in 1998, The Presidio Group LLC is committed to prioritizing client interests above all else. This philosophy has earned them a trusted reputation within the automotive sector. Their professionals boast a collective track record of over 200 transactions, totaling more than $13.5 billion. Presidio also publishes “Where the Rubber Meets the Road,” a respected industry publication providing insights into the automotive retail market and M&A trends. With offices in Denver, CO, and Atlanta, GA, The Presidio Group continues to be a leading force in automotive financial advisory services. For more information, visit www.thepresidiogroup.com.
