|By PR Newswire||
|January 23, 2014 06:00 AM EST||
MIDLAND, Texas, Jan. 23, 2014 /PRNewswire/ -- MD Johnson, Inc. announces the completion of the sale of Berg Motor Company to Bruce Qvale. The dealership sells Buick Cadillac and GMC products in Midland Texas and is Qvale Auto Group's first acquisition in Texas. No sales price was disclosed. The dealership has been renamed Midland Buick GMC Cadillac and will remain in its current location. The dealership recently underwent an extensive exterior renovation and post closing will have the service center areas renovated to accommodate heavy duty trucks.
The dealership was opened in 1956 by Midland businessman Rudy Berg and represented many brands, finally settling into business long term with Buick, Cadillac and GMC. Jed Heard, son in law of Rudy Berg came to work for Berg some 20 plus years ago after leaving a successful career with Texaco. Jed Heard stated that "Mr. Berg wanted this company to remain a family business. When I decided to sell, I knew I also wanted this dealership to remain a family owned business. I hired the only person I would consider for such a task, Mark Johnson. Mark introduced me to Bruce Qvale and after a few discussions I knew this company was going to remain in good hands for many years to come."
Qvale is President of QM Management and owner of dealerships in South Florida, Northern California and now Midland Texas. Qvale said that "Texas may be the last great place to be in business and we are looking forward to being a part of the Midland community as a family owned business just like the Berg and Heard families wanted. We are excited to grow in Midland and in Texas and are looking forward to talking to and meeting other dealers looking for a succession plan that includes keeping their dealerships family owned." Oren Tasini Esq. of Haile Shaw & Pfaffenberger represented Qvale. William Bush and Mark Counts of Bush Ramirez represented Heard.
Mark Johnson, President of MD Johnson Inc commented that "Bruce and his team were an excellent fit for the Heard family and have a deep appreciation for family business values." Qvale is the son of automotive pioneer Kjell Qvale who was the original importer of the MG in the US and VW on the west coast as well as manufacturing the Jensen Healey Johnson previously advised Qvale on the acquisition of Audi of Coral Springs (FL), which is one of the top 5 retailers of Audi vehicles in the US.
MD Johnson, Inc. is the premier US provider of automotive dealership buy sell, financial advisory and automotive succession planning services. The firm advises dealers, both public and private on the purchase, sale, analysis, succession and valuation of automobile dealerships, dealership platforms as well as dealership real estate through their wholly owned real estate entity, MDJ Realty Inc. The firm represents clients nationwide supporting their buy sell activities and has advised on more than 2 Billion, 500 Million in transactions.
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SOURCE MD Johnson, Inc.
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