Murgado Automotive Group has broadened its automotive portfolio with the acquisition of Mercedes-Benz of Richmond and Mercedes-Benz of Midlothian. These dealerships, formerly owned by Rod McGeorge, are strategically located in the Richmond, Virginia area, marking a significant expansion for the group. This acquisition follows the recent sale of McGeorge Toyota, signaling a major shift in the Richmond automotive landscape. Haig Partners LLC played a crucial role as the exclusive sell-side advisor in both transactions.
The McGeorge family’s legacy in the Richmond automotive market spans over six decades, beginning with The David R. McGeorge Car Company, a used car dealership. Their journey with the Mercedes-Benz brand started in 1955 with the acquisition of Mercedes-Benz of Richmond. Further solidifying their presence, McGeorge Toyota was added in 1968, and Mercedes-Benz of Midlothian joined the family in 2003. Under Rod McGeorge’s leadership, the McGeorge dealerships grew into a substantial operation employing over 300 individuals, becoming a cornerstone of the Richmond, VA, automotive community.
Reflecting on the transition, Rod McGeorge shared, “My grandfather initiated our venture into the franchised auto retail business with Mercedes-Benz of Richmond, driven by a vision for growth. My father continued this legacy, and as I now step aside, I am filled with immense pride in our collective achievements over these many years. I am eager to enjoy the rewards of our hard work and dedication. It has been an incredible journey, and I am enthusiastic about Murgado Automotive Group’s commitment to upholding the high standards we have established.”
Kevin Nill, Managing Director of Haig Partners and advisor to McGeorge, commented on the desirability of the acquisition, stating, “Similar to Toyota, Mercedes-Benz franchises are highly sought after, and the appeal of the Richmond, VA market generated considerable interest from numerous leading buyers.”
Nill further emphasized the advisory role, “Advising clients and helping them realize the full value of their life’s work is a privilege. In the context of selling automotive dealerships, it’s not solely about financial figures. It also involves cultivating strong buyer relationships and possessing in-depth knowledge of the complex OEM requirements and approval procedures.”
Mario Murgado, CEO of Murgado Automotive Group, expressed his enthusiasm for the acquisition: “Mercedes-Benz of Richmond and Mercedes-Benz of Midlothian have consistently demonstrated top-tier performance in Central Virginia for many years. I extend my gratitude to the McGeorge family for this opportunity and to Mercedes-Benz for their confidence in our group to build upon the dealerships’ esteemed legacy and represent one of the world’s most recognized and respected brands.”
