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SHAREHOLDING CHANGES IN QUEBEC CITY
AND LÉVIS BMW AND MINI DEALERSHIPS
One of the biggest automotive transactions in the province of Quebec
Quebec, February 12, 2019 - Gad Bitton and Michael Serruya, two prominent Canadian businessmen, have concluded a significant transaction to purchase BMW- MINI Ville de Québec and BMW - Lévis from Bertrand Roberge. Current Vice-President Jean-François Tremblay will stay on as part of their shareholder consortium.
Mr. Bitton is the president and CEO of Holand Automotive Group, Omega Leasing Canada, Holand Leasing USA and Rolls-Royce Motor Cars Quebec. His company recently became the exclusive dealership for the Karma Revero, which marks the return of the original luxury electric car. He owns, as well, Karma, Lamborghini of Palm Beach in South Florida, the Holand Real Estate Group and runs a private family office that has diversified investments in private and public companies.
As managing director of his Toronto-based company Serruya Private Equity (SPE), Mr. Serruya specializes in mergers and acquisitions and strategic investments. In 1987 he and his brothers Aaron and Simon launched Yogen Früz, a world leader in the frozen snacks category, with over 1,400 locations operating in over 47 countries around the world. They turned this into a global franchising empire, with such companies as Cold Stone Creamery and Pinkberry, He is the owner of the historic Omni King Edward Hotel in Toronto and boasts many other holdings in the food and real estate sectors. Mr. Bitton and Mr. Serruya have been close friends and partners in real estate for more than 25 years.
Mr. Tremblay has served as vice president and general manager for the three Greater Quebec dealerships since February 2017. He has 30 years of experience as a manager, including 15 for the prestigious BMW brand. He will maintain his role as head operations
"This is a change that fits within our company's continuity," commented Mr. Tremblay. "We are retaining the same management team, 125 experienced employees, the same culture of excellence and an obsession to deliver a unique and memorable moment to a constantly growing clientele."
QUEBEC REGION SALES BURGEONING
This transaction, completed on February 6, comes at a time when BMW's market in the Quebec City and Lévis territories is burgeoning, with sales increasing by 23.4 percent over the past year. The Quebec City dealership earned the Canada-wide 2018 "Excellence in Sales" award and the "Management - Service Department" award for the best dealership in Eastern Canada.
"I am pleased to seize new business opportunities in Quebec, where everything began for me," said Mr. Bitton, noting that the Holand Leasing Automotive Group has been in business since 1979. "The management team remains local and can rely on a solid group of investors to ensure the sustainability of the company. The Quebec City region is a hidden gem and we feel so privileged to personally enter this important market. Personally I am also delighted to now associate myself with the BMW and mini brands."
Mr. Serruya added: "We know these dealerships are already in excellent hands. Our goal is to share our collective business expertise and take sales and service to the next level. Gad in particular has four decades of experience in the automobile industry
Mr. Roberge, an iconic figure in the local automobile industry, will keep the title of honorary president. "It is with some wistfulness that I am opening a new chapter in my life after a 52-year career in the automotive industry," he said. "On the other hand, I am brimming with pride at the road we have traveled and the outstanding team I have assembled. Jean-François, Gad and Michael have all the levers at their disposal to propel the organization to new heights."
Mr. Bitton wishes to extend his gratitude to BMO, longtime financial partners of Holand Automotive, for handling the important financing for this transaction.
Mr. Bitton added that he and Mr. Serruya will continue to look for other strategic opportunities in the ultra luxury automobile segment only.
For Holand Automotive Group
Executive Assistant to Gad Bitton
Executive Assistant to Michael Serruya