Growing Hudson Automotive Group plans to acquire its first Mercedes-Benz dealerships with the purchase of three of the luxury stores in Ohio and Kentucky.
Hudson Automotive of Charleston, S.C., plans to buy Mercedes-Benz of Louisville in Kentucky and Mercedes-Benz of Cincinnati and Mercedes-Benz of West Chester, both in Ohio, from Peterson Automotive Collection. The transaction is expected to close in mid-September, Hudson Automotive CEO David Hudson said.
Peterson Automotive Collection is owned by David Peterson, who is retiring. Ed Keady, Peterson Automotive Collection's operating partner who has a minority stake in the three stores, will stay on with Hudson Automotive in his current role and will also keep his minority stake, Hudson noted.
"We're effectively buying the dealership and he's [Keady] retaining a piece of the deal," Hudson said.
Louisville Business First reported on the transaction last week.