M&A Deal Summary

Cerberus Capital Management Acquires Off Lease Only

On November 15, 2019, asset manager Cerberus Capital Management acquired retailer Off Lease Only

Acquisition Highlights
  • This is Cerberus Capital Management’s 6th transaction in the Retail sector.
  • This is Cerberus Capital Management’s 48th transaction in the United States.
  • This is Cerberus Capital Management’s 6th transaction in Florida.

M&A Deal Summary
Date 2019-11-15
Target Off Lease Only
Sector Retail
Buyer(s) Cerberus Capital Management
Deal Type Buyout (LBO, MBO, MBI)

Target

Off Lease Only

West Palm Beach, Florida, United States
Off Lease Only is a large volume used-car dealership in the United States, with four state-of-the-art retail locations in Florida, including in Palm Beach, Miami, Orlando and Fort Lauderdale. Off Lease Only helps shoppers skip the depreciation and save thousands on more than 5,000 low mileage 2016-2020 cars, trucks, SUVs and vans. Off Lease Only has an A+ rating from the Better Business Bureau, is recognized as an Edmunds Five-Star Premier Dealer, and has received recognition multiple times as DealerRater’s “Used Car Dealer of the Year for the Entire United States”.

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Buyer(S) 1

Buyer

Cerberus Capital Management

New York, New York, United States

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1992
PE ASSETS 55.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Cerberus Capital Management is a private investment firm that targets a wide range of global investments. Cerberus primarily looks for undervalued or distressed situations. Industry sectors of interest include aerospace and defense, apparel, automotive and industrial, building products, commercial services, consumer and retail, financial services, healthcare, manufacturing and distribution, paper, packaging, and printing, real estate, technology, telecommunications, transportation, and travel. In addition to private equity investing, Cerberus also provides corporate credit and acquires real estate. Cerberus was formed in 1992 by Steve Feinberg and is based in New York City.

DEAL STATS #
Overall 71 of 87
Sector (Retail) 6 of 7
Type (Buyout (LBO, MBO, MBI)) 22 of 26
State (Florida) 6 of 6
Country (United States) 48 of 63
Year (2019) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-22 Kellermeyer Bergensons Services

Maumee, Ohio, United States

Kellermeyer Bergensons Services is a provider of integrated facilities management services, including outsourced janitorial cleaning and other services, to some of the largest retail and grocery customers in the United States. Kellermeyer Bergensons Services was founded in 1967 and is based in Maumee, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-16 Renovalia Energy

Madrid, Spain

Renovalia Energy specializes in the promotion, production, management and sale of electricity generated through renewable energy sources (wind power, photovoltaic power and small hydro power). Renovalia Energy was founded in 1998 and is based in Madrid, Spain.

Sell -
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