Bob Mayberry Hyundai in Monroe, NC, was recently sold to Pablo River Partners, a Jacksonville, FL-based investment firm, according to the Presidio Group, which advised the sellers, Missy and Ingram Walters.
The deal, finalized March 5, marks the close of the Walters’ long history in retail automotive as they pass the torch to new owners. Pablo River Partners is led by Chairman and CEO Charlie Tomm, who is re-entering the retail automotive space with the acquisition.
"After dedicating much of our lives to building this dealership and serving the Monroe community, Missy and I felt it was the right time to transition the business to new leadership," Ingram Walters said. "With the help of Presidio and its deep industry connections, we found the perfect buyer in Pablo River Partners, which shares our commitment to the Hyundai brand and the local area. We know Charlie will be a terrific steward of the business we've built and will continue the dealership's legacy of excellence."
For Tomm, the acquisition is a return to dealerships. He previously held executive roles as CEO of Ford of Clermont, which was sold in 2022; CEO of Brumos Automotive, a Florida luxury-brand dealership group that was sold in 2016; CEO of Asbury Automotive Group, Inc. subsidiary Coggin/Courtesy AutoGroup until 2008; and CEO of Coggin Automotive Group until its merger with Asbury in 1998.
"Ingram and I immediately hit it off, and I was impressed by the Walters family's deep roots in Monroe and their dedication to giving back to the community," said Tomm. "We plan to build upon the strong foundation they have established by investing in the facility and keeping the dealership’s talented team in place."
The dealership’s real estate, consisting of approximately 28,000 square feet of facilities on 10 acres, was included in the sale.
"The Presidio team has built deep expertise in facilitating smooth ownership transitions for family-owned dealerships,” said Alex Watterson, managing director at Presidio. “The Walters family has built an exceptional business and strong community ties over decades, and we were honored to help them find the right buyer to carry on that legacy.”
Jeff Roberts and Emily Dillow of Underwood & Roberts PLLC served as outside legal counsel to the Walters family. Stephen Dietrich and Kyle Gaughan of Holland & Knight LLP represented Pablo River Partners.
The Presidio Group provided exclusive M&A advisory services to the Walters family through its wholly owned investment bank, Presidio Merchant Partners LLC.
