Houlihan Lokey Advises Velocity Vehicle Group
Houlihan Lokey is pleased to announce that Velocity Vehicle Group (VVG) has partnered with The Cranemere Group Limited (Cranemere). The transaction closed on July 1, 2019.
VVG is one of the premier full-service commercial vehicle platforms in the nation, operating three highly complementary businesses that consist of new and used commercial vehicle sales, service, and parts distribution; a vehicle rental and leasing operation; and a commercial equipment finance platform. Headquartered in Southern California, VVG operates a network of more than two dozen state-of-the-art dealerships and service facilities across California, Nevada, and Arizona, with a total customer focus based on the three company pillars of speed, value, and trust. The company is a leading distributor for several original equipment manufacturers, including Daimler (through its Freightliner, Western Star, and Thomas Built Buses brands), Ford, and Autocar, among others.
Cranemere is a holding company focused on partnering with industry-leading operating teams in essential industries to build high-quality businesses for the long term. Cranemere’s shareholder group is composed predominantly of global families and a select group of institutions focused on the long term. Cranemere provides patient capital, business building expertise, and global networks to support the growth of its companies and to create value for all its stakeholders. Cranemere is headquartered in London and has offices in New York and Washington, D.C.
The transaction represents a partnership between Cranemere and VVG's existing management team and will support the company's ambitions to pursue attractive growth opportunities across the commercial vehicle sector.
Houlihan Lokey served as the exclusive financial advisor to VVG and assisted in initiating, structuring, and negotiating the transaction; and assisted with the associated financing. The transaction further strengthens Houlihan Lokey's leadership in the business services universe and highlights continued momentum and leadership in the dealer services sector, which includes retail, commercial vehicle, and construction and heavy equipment dealerships.
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