MINNETONKA, Minn., March 3, 2016 /PRNewswire/ — Fremont Private Holdings, LLC (“FPH”) and Karl Schmidt announced that they have completed the acquisition of Morrie’s Automotive Group (“Morrie’s” or the “Company”), owner and operator of 11 automotive dealership locations. FPH, Schmidt and management acquired the Company from Morrie Wagener and the Wagener family.
Morrie’s was founded in the 1960s when Morrie Wagener purchased a single automotive dealership where he worked as a mechanic and manager. Today, the Company has grown to become one of the largest automotive retail groups in the Twin Cities. Since inception, Morrie’s has been run as a family business that emphasized customer service and satisfaction. The Company’s values were formalized nearly seven years ago, when Morrie’s developed its “Buy Happy” promise. The Company offers a no-haggle, best-price approach where vehicles have predetermined prices, which are not negotiable. The Company continues that philosophy today, helping customers have fun purchasing vehicles and focusing on service in a customer-friendly environment.
Morrie’s will continue to be led by CEO Karl Schmidt, who commented, “FPH is the perfect partner for our business. We share the same vision for the Company, and FPH brings a strong knowledge of the industry as well as access to the capital and resources necessary to enable us to continue to improve our offerings and better serve our customers.”
According to Scott Earthy, Managing Partner of FPH, “We look forward to our partnership with Karl and his team, who created the Buy Happy promise and have led Morrie’s to where it is today. The Company is one of the leading dealership groups in the Twin Cities area. We are excited about the opportunity we have to enhance our operations and expand in the Upper Midwest region over time.”
Tim Sheehy, Partner of FPH, added, “Morrie’s exemplifies everything we look for in an investment – an attractive, unique service offering, a proven and dedicated team, and a demonstrated history of success. We look forward to working closely with Karl and the management team to achieve our strategic goals.”
For more information on Morrie’s, please visit http://www.morries.com.
About Morrie’s Automotive Group
Morrie’s Automotive Group was founded in 1960 by Morrie Wagener, a graduate of Dunwoody College of Technology. Currently, Morrie’s Automotive Group offers 10 brands, including Aston Martin, Bentley, Cadillac, Ford, Hyundai, Lincoln, Maserati, Mazda, Nissan and Subaru with locations in Minnesota and Wisconsin. For more information, visit www.morries.com.
About Fremont Private Holdings
Fremont Private Holdings is the direct private investment arm of Fremont Group, the investment office for the Bechtel family. FPH makes platform investments of $30 million to $100 million in growing family and founder-owned operating businesses generating $15 million to $50 million in EBITDA. FPH looks to build businesses in partnership with management over the long term and considers both majority and minority investments in a wide variety of industries. For more information, visit www.fremontprivateholdings.com.
