Case Studies
Morrie's Automotive Group
SITUATION: Morrie Wagener founded Morrie’s Automotive Group in the 1960s. He and his family wanted liquidity and were concerned about the legacy of the business that they had built over 50+ years.
ISSUE: FPH believed in the long-term potential of the dealership industry and the Morrie’s dealership platform but needed to partner with an experienced and aligned management team to help the business realize its potential.
SOLUTION: FPH acquired a majority interest in Morrie’s from the Wagener family in 2016. The FPH team partnered with management to expand the platform by acquiring Mercedes, Audi, and Volkswagen dealerships and was awarded Jaguar LandRover and Honda open point opportunities. In 2019, FPH recruited Lance Iserman, the former COO of AutoNation, to be the CEO and a partner in the platform. FPH was an ideal match for Morrie’s and Iserman given FPH’s focus on family and management-owned businesses, its interest in actively supporting operational improvement at the dealerships, and its ability to invest capital in projects that generate returns over an extended period.
“I joined Morrie’s due to the opportunity to work in close partnership with the FPH team to build an exceptional auto dealership platform over the long term. I could not have found a better partner than FPH to support our growth strategy.”
— Lance Iserman, CEO, Morrie’s Automotive Group
Flynn Group of Companies
In late 2016, FPH acquired a significant minority interest in the Flynn Group of Companies, a family and management-owned provider of building envelope solutions headquartered in Toronto, Ontario.
SITUATION: CEO, Doug Flynn, and the Flynn management team grew the Company from a regional Canadian commercial roofing business into one of the largest building envelope contractors in North America over a period of 25 years. The Company was at an inflection point and sought growth capital to pursue its business plan.
ISSUE: Existing management sought to maintain significant ownership while growing the business for the foreseeable future. They focused on finding a value-added capital partner with no pre-defined time horizon for liquidity.
SOLUTION: A partnership with FPH allowed the shareholders to maintain significant ownership while partnering with a long-term investor. FPH was an ideal match for Flynn given FPH’s focus on family and management-owned businesses, its interest in actively supporting proven operators and its ability to invest additional growth capital over time. Since FPH’s original investment in 2016, FPH has supported Flynn’s add-on acquisition growth strategy with incremental equity funding.
“Fremont Private Holdings is the perfect partner for Flynn. They are focused on the long- term, are a good cultural fit with our organization, understand our business and have the resources to help us achieve our goals.”
– Doug Flynn, CEO