Franchise Equity Partners invested $55 million in Parks Automotive Group of Kernersville, N.C., to acquire a minority stake in the auto retailer, the firm said Thursday.
The financial stake detail follows Parks Automotive partnering with the New York private investment firm to purchase two Stellantis stores near Charlotte, N.C., on Jan. 18. The investment amount was not revealed when that acquisition was announced.
"We took a minority, permanent stake in Parks Automotive Group," Franchise Equity Partners Co-Managing Partner Scott Romanoff told Automotive News.
Romanoff would not disclose the percentage stake that Franchise Equity Partners has in Parks Automotive. He said Parks Automotive CEO Adam Parks has a "long-term strategic plan to grow his operations anchored in North Carolina," and Franchise Equity Partners will provide support for that plan.