Georgica Auto Holdings Expands Dealership Presence in Connecticut
Georgica Auto Holdings (GAH), an automotive retail group with 23 franchises in the northeast, today announced the acquisition of three dealerships from Weeks Automotive Group in Danbury, Conn. The transaction includes Audi, Porsche and Volkswagen automotive dealerships in addition to a pre-owned center, all serving Fairfield and Litchfield Counties in Connecticut and nearby New York. The transaction will increase GAH’s franchise group to 26 dealerships across the northeast.
NEW YORK, NY, October 26, 2022 /PRNewswire/ — “The Weeks Automotive Group is an especially well-run and well-established business, representing three of the world’s most preeminent brands, and I am honored to carry the legacy Josh Weeks has built with the incredible team he has assembled,” said Jon Sobel, CEO of Georgica Auto Holdings. “Western Connecticut is one of the preeminent areas for premium brands such as Porsche and Audi. The addition of these new automotive destinations furthers our relationship with the Volkswagen brand in the northeast, where we will now own and operate five Audi, three Porsche and two Volkswagen dealerships.”
Since its founding in 1989, Weeks Automotive Group has grown into Fairfield County's leader for German Engineering. From a single building on Newtown Road for Audi, Porsche and Volkswagen, Weeks Automotive Group expanded to dedicated showrooms for each brand on Sugar Hollow Road, and the Weeks Pre-Owned Center on Mill Plain Road.
“After thirty-three years in the auto business, this is a bittersweet time for me and for many of our long-time employees. Since this has been a life-long professional endeavor, it was critical that I find the right organization to lead the Weeks Auto team forward,” said Josh Weeks, founder & owner of Weeks Automobile Group. “I am confident in Georgica Auto Group—we share many of the same ideals and values, and I know our customers and staff will be in very good hands. I wish Jonathan and his team great success, and I hope that our mutual passion for the auto business drives the Danbury stores to new heights.”
This acquisition is GAH’s first transaction following a $70 million minority, permanent capital investment from Franchise Equity Partners (FEP) in October 2022. FEP’s investment is in support of GAH’s strategic growth plan which includes the completion of transactions such as the Weeks Automotive Group acquisition.
Franchise Equity Partners provides large scale, best-in-class franchise owners with access to levels of capital and in-house financial expertise that are customarily reserved for public companies, while allowing these businesses to retain full control of their operations. FEP’s differentiated approach allows them to present a unique offering to prospective, growth-oriented partners in the automotive retail industry: extensive corporate finance experience combined with passive, permanent capital, and deep auto-sector leadership expertise.
Laurence M. Smith of Chiesa Shahinian & Giantomasi PC represented and Larry Weiner of Weiner & Co. advised Georgica Auto Holdings in the transaction.
About Georgica Auto Holdings Georgica Auto Holdings operates 26 automotive retail franchises across New York, New Jersey, and Pennsylvania. With dealerships representing an iconic roster of mass-market and luxury automotive brands, Georgica Automotive Holdings generates over $1 billion in annual sales from over 20,000 new- and used-vehicle transactions. Dealerships representing a constellation of brands from Audi, BMW, Chevrolet, Chrysler, Dodge, GMC, Honda, Jaguar, Jeep, Land Rover, Porsche, RAM, Subaru, Toyota, and Volkswagen.
To learn more about Georgica Auto Holdings, please visit www.georgicaautoholdings.com.
About Franchise Equity Partners Franchise Equity Partners is a private investment firm specializing in providing capital to franchise businesses and their owners. Its differentiated approach combines extensive corporate finance and operating experience with passive, permanent capital to enable growth, ownership simplification, succession and estate planning, among other strategic business opportunities. FEP invests across five industry verticals: automotive dealers, restaurants, beverage distribution, heavy equipment dealers and other consumer and business services. FEP has an initial target portfolio size of $1 billion and is an independently operated portfolio company of certain funds and accounts managed by HPS Investment Partners, a leading global-alternative investment firm, with over $92 billion of assets under management.
