Heritage Capital Group, Inc.an investment banking and financial advisory firm serving middle-market and emerging growth companies in the US and worldwide, is pleased to announce that its client, Center Subaru, has been acquired by GMST LLC, dba Gengras Subaru Torrington (“Gengras Motors”).
Center Subaru is a full-service Subaru dealer located in Torrington, Connecticut, 15 miles west of Hartford. The Company was founded in 1989 and purchased by Phil Porter in 1994. Center Subaru offers a variety of new and used cars, trucks, vans, and sport utility vehicles, as well as a service center that provides repairs, maintenance, inspections, and parts. The Company also offers financing and leasing services.
Gengras Motors is a third-generation auto dealership owner group in Connecticut and Massachusetts headed by brothers E. Clayton “Chip” Gengras Jr. and Jonathan Gengras. Gengras Motors began in East Hartford in the 1930s when E. Clayton Gengras opened his first Ford dealership. His son, E. Clayton Gengras Jr., opened a Mercedes dealership in 1970. Gengras Motors continues to be a family-owned and operated business with 13 franchises in eight locations.
Heritage served as the exclusive financial advisor to Center Subaru. Mac Holley was the advisor on the deal.
Phil Porter, President and Owner of Center Subaru, commented, “I was impressed by the staggering amount of detail that Mac and his team brought to the transaction. They helped make the sales process as easy as possible. I felt like I greatly benefited from working with Heritage due to their excellent reputation and fairness with fees.”
The terms of the transaction were not disclosed.
