Private investment group Kaltroco, of the United Kingdom, has purchased an undisclosed minority stake in dealership mergers and acquisitions advisory firm Dave Cantin Group, of New York City. Dave Cantin, CEO of his namesake group, said the investment, which closed Sept. 5, will help pay for geographic and service expansion, including a Canadian presence, for the company he started in 2017.
Cantin told Automotive News over Zoom and in emails that many in the industry predict automotive retail will experience a slowdown following"the greatest 3.5 years" for the industry, with record dealership profits and buy-sell transactions. He said the commitment from Kaltroco, backed by Steve Koltes' family office, proves otherwise. "This investment indicates this industry still has an incredible run ahead of us," Cantin said."We believe advisory is going to be so incredibly necessary." Financial terms of the deal were not disclosed, but Cantin described the investment as"significant" and said Kaltroco valued his company as being worth at least $100 million (all figures in USD