Open Road Capital has made three investments in partnership with automotive dealership groups in California, Connecticut and Iowa. The investment follows a partnership with Bain Capital focused on long-term equity capital for a variety of opportunities.
The firm’s invested in Pritchard Automotive group in Iowa, operating seven Chevrolet, Buick, GMC, Ford, Lincoln, Chrysler, Dodge, Jeep, and Ram dealerships; Sean Hogan and Preston Han in California, operating Chevrolet, Honda and Subaru dealerships; and BMW of Ridgefield in Connecticut.
“With the Pritchard and Keeler transactions, we are supporting established dealership families who would like to grow their operations while utilizing our capital and complimentary capabilities,” added Eric Chelline, co-founder and managing director at Open Road. “Conversely, Rinaldi Halim is a great example of a talented and motivated first-generation dealer who had bootstrapped his way into owning two dealerships and is now up to five dealerships with our involvement, and together we will undoubtedly add many more in the coming years.”