Business
Innovest Global Signs Letter of Intent to Acquire Established Automobile Dealership, Explores Major Auto Division Effort
Innovest Global Signs Letter of Intent to Acquire Established Automobile Dealership, Explores Major Auto Division Effort.
About this update from Innovest Global Inc
[{"type":"text","content":"\nCLEVELAND, Ohio, Jan. 10, 2019 (GLOBE NEWSWIRE) -- Innovest Global Inc. (OTC Markets: IVST) (the “Company” or “Innovest”), a conglomerate with operations in commercial and industrial products and services, biotechnology, construction and building materials, has signed a Letter of Intent to acquire an established new and used car dealership in northeast Ohio. The dealership generated revenue of $35 million in 2018, with profits that are within range for healthy auto dealers of that size. Its ownership owns multiple stores, all of which are in discussion for possible acquisition.\n Innovest first announced it was exploring the retail auto industry on October 2, 2017, with the news that it was pursuing a group of five Midwest franchise stores generating $150 million in annual sales, and that a commitment letter had been obtained for funding such an acquisition (click her for that news). This store is unrelated to those. We are still in active discussions with that original group, and now several ownership groups representing more than ten stores. Our objective is to launch a retail auto division which would be comprised of a group of healthy dealerships, geographically aligned, and able to be managed with best practices. “We have an industry veteran operator of more than 35 years that has spearheaded this effort since 2017,” said Dan Martin, Innovest’s founder, Chairman, and CEO. “He has utilized his knowledge, longstanding relationships, vision, and understanding to put Innovest in a position to explore a major division addition in a way that is very appealing to our team.” Damon Mintz, Innovest President charged with leading Innovest’s sales growth, stated, “We have been busy recently closing unrelated acquisitions that represent over 90% of our revenue run-rate, but this auto effort did not slow down. Rather, it made incredible progress based once again on the quality of the people leading it, their expertise, and their proactive work. We are all very excited to see this come together, for several reasons, and thankful to them for their efforts.” Closing the acquisition contemplated by the Letter of Intent, and launching this division, are subject to a variety of factors including due diligence, manufacturer approval, determination of stock and cash consid...