Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Northwest Motorsport, one of the largest independent pre-owned car dealerships in the Northwest, in its acquisition by RFJ Auto Partners, Inc. (“RFJ Auto”), a national automotive dealership platform.
Founded in 1996, Northwest Motorsport has grown into the leading pre-owned vehicle dealer in Washington* with over eleven locations statewide and a brand that resonates across the Pacific Northwest. With this acquisition, RFJ Auto expands its geographic footprint in the region and brings onto its platform a successful and growing operation entrenched in a culture of honesty, integrity, loyalty, and trust.
Through a targeted process focused on select strategic buyers and financial sponsors with a known interest in the space, Cascadia was able to competitively position the business to achieve optimal transaction results for all parties. In addition, Cascadia was able to create a situation in which the transaction was completed based on enterprise value rather than asset value, enabling Northwest Motorsport to obtain a competitive sales price.
“While the used vehicle market is growing, the used vehicle retail landscape remains highly fragmented and we expect to see increased consolidation,” noted Michael Butler, CEO and Managing Director of Cascadia Capital.
“Cascadia Capital was an impressive and instrumental partner, leveraging their extensive industry expertise and invaluable advice and guidance throughout this complex process,” commented Don Fleming, Owner & Chairman of Northwest Motorsport. “Without their support, this partnership with RFJ Auto would not have been possible.”
This acquisition represents another successful transaction for Cascadia in automotive and retail sectors. Recent related transactions include Pilot Automotive and Grease Monkey.
For more information about this transaction, please contact the Cascadia Capital deal team:
Chairman & CEO
* Dominion Cross Sell Report May 2019