Morrie’s Auto Group has purchased six western Wisconsin dealerships, adding Detroit 3 brands and bringing the dealership group to 20 rooftops.
Morrie’s of Minnetonka, Minn., bought a majority interest in Brenengen Auto Group of West Salem, Wis., from Don Brenengen and Cheryl Brenengen.
Morrie’s CEO Lance Iserman said two of the Brenengens’ three sons who remain involved in the business are retaining a small minority interest in the group. The transaction closed Thursday, and the purchase price and other terms were not disclosed.
The acquisition includes Chevrolet, Chevrolet-Buick, and Chevrolet-Cadillac stores; a Kia dealership; a Ford dealership, and a Chrysler-Dodge-Jeep-Ram-Ford store. Morrie’s will keep the Brenengen name on the dealerships, Iserman said.
The Brenengen group launched in 1991 and, like Morrie’s, features a one-price selling model. Iserman said the acquisition is a cultural fit for Morrie’s.
“Brenengen is a natural complement to our existing business and has similar values rooted in a no-haggle, best-price approach and a focus on customer experience, community partnership, and overall culture,” Iserman said in a statement. “We are excited about the opportunity to work with Don and the existing Brenengen team to continue to grow the business and realize benefits for our collective customers, employees and brand partners.”
Don Brenengen, in a statement, said he believes the acquisition “will create significant growth opportunities for our employees and a superior experience for our customers.”
Iserman said Morrie’s has Audi and Volkswagen dealerships in La Crosse, Wis., so it “made sense to expand our footprint there.”
Iserman said he and the Brenengens were discussing the sale before the coronavirus pandemic hit in early 2020, and the deal was put on pause. The parties signed an asset purchase agreement in September. Performance Brokerage Services represented the seller.
Morrie’s is owned by management and Fremont Private Holdings, the investment arm of the Fremont Group family investment office for the Bechtel family. Fremont bought its stake in the dealership group in 2016 from longtime dealer Morrie Wagener.
Since 2016, Morrie’s has added 10 dealerships, including two open points: a Honda dealership in West Bend, Wis., in November 2019 and a Jaguar-Land Rover store that opened in February 2020 in Richfield, Minn.