About the Transaction
Towne Automotive Group, led by Franklin G. Downing, Jr., has been one of Western New York’s most widely recognized and trusted automotive groups for more than 50 years. Towne will continue to own and operate 15 brands of new vehicle franchises throughout WNY. Towne prides itself on delivering a customer experience which returns not only satisfaction but earns continued customer loyalty.
The Buyer, newly-incorporated Maranello Sports USA Inc., is a collaboration of R. Ferri Automotive, one of Canada’s premier full-service automotive groups owned by Remo Ferri and Brian Culligan. With 16 locations in Canada, R. Ferri Automotive brings over 40 years of luxury automotive experience to the WNY market. Likewise, the Culligan name has been associated with the automotive business in Buffalo since 1933. Brian’s father and uncle operated multiple brands in the Buffalo area under the name of “Culligan Auto Place”. Brian has continued the passion for the automotive business ever since.
Paramax Corporation served as the exclusive M&A advisor to Towne on this transaction. Paramax is a FINRA-registered investment banking firm focused on advising companies and shareholders in sell-side M&A transactions to strategic buyers. Paramax has offices in Williamsville, NY and Rochester, NY along with an International reach through its partnership in Globalscope Partners Ltd., a group of international corporate finance advisors operating globally to support cross-border M&A transactions.