Georgica Auto Holdings welcomes Franchise Equity Partners as minority shareholder

Georgica Auto Holdings welcomes Franchise Equity Partners as minority shareholder

NEW YORK, Oct. 26, 2022 /PRNewswire/ - Georgica Auto Holdings, an automotive retail group with 23 franchises in the northeast, welcomed Franchise Equity Partners (FEP) as a minority shareholder following a $70 million capital investment. Georgica Auto Holdings is led by its CEO, Jon Sobel, an entrepreneur with over a decade of experience in the automotive retail industry. Georgica's dealers account for over 20,000 new and used vehicle sales annually, totaling more than $1 billion in revenue.

"Bringing Franchise Equity Partners in as a minority shareholder positions us to rapidly and thoughtfully grow our business, whilst retaining my Land Rover store in Manhattan and much of the real estate, outside of this partnership." said Jon Sobel, CEO of Georgica Auto Holdings. "I've known FEP's co-founders, Scott Romanoff and Mike Esposito, for more than 25 years and their unique model gives us the best of all worlds-access to passive, permanent capital and deep automotive and financial expertise while letting us retain our flexibility and autonomy as an independent business.

Celebrating its first year in operation, Franchise Equity Partners, an independently operated portfolio company of certain funds and accounts managed by HPS Investment Partners, supplies 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.

"It's a thrill to join forces with Georgica Auto Holdings as we celebrate our first year in business," said Don Reese, CEO and President of FEP Auto Holdings. "We believe that Jon Sobel is an ideal partner as we expand our investments in the northeast, and we look forward to helping Georgica Auto Holdings unlock its full growth potential."