The business will operate as Dobbs Equipment and will keep its business headquarters in Tampa.
Dobbs Management Service, LLC (“Dobbs”), a family investment office based in Memphis, Tenn., has acquired seven John Deere Construction and Forestry Stores serving the South Florida market. The purchase, through DJD Equipment Holdings, LLC, included full service stores in Lutz (Tampa), Orlando, West Palm Beach, Miami and Ft. Myers, Fla., in addition to-parts only stores in Pompano and Riverview, Fla. The business will operate as Dobbs Equipment and will keep its business headquarters in Tampa.
“We believe this sale represents a key strategic distribution move for John Deere and Nortrax,” said NortraxPresident and CEO Tim J. Murphy. “The Dobbs family has a phenomenal track record going back to 1920 of investing and growing business for the long term. They are hiring all of the Nortrax Florida employees which will retain the expertise and more importantly the relationships with the Florida customers. They bring a proven track record, great financial stability and a long term commitment to grow and support the John Deere brand in the Florida market. I believe this is an exciting move for the Dobbs Family, for John Deere, for the new Dobbs employees and most of all, for our customers.”
Edward Dobbs, chairman, expressed enthusiasm with the acquisition, “We are excited to partner with John Deere as a dealer in the Florida market. Our family has decades of experience in successfully representing top tier manufacturers. We believe that John Deere represents the highest quality products and customer support in the market; we look forward to a strong and successful long-term relationship with Deere & Co., as we are a long-term owner with a time horizon measured in decades. There is tremendous growth potential for the John Deere brand in the Florida market and we have plans to expand John Deere’s presence in the region through additional investment and resources over the coming years.”
McNally Capital (“McNally”) initiated discussions between Dobbs and John Deere with regards to this transaction as well as assisted as an advisor to Dobbs. In addition, McNally made an equity co-investment, which is consistent with the firm’s merchant banking activity.
Edward Dobbs said, “McNally Capital introduced us to this unique opportunity with John Deere and worked tirelessly, providing tremendous insight and advice. We look forward to having McNally as our partner going forward.”