There’s no better time than March to take over ownership of a 50-year-old dealership, which is exactly what has happened with a store that was founded in 1968 in Santa Clarita, California.
Powersports Listings Mergers & Acquisitions announced that Ken & Joe's Powersports has been acquired by the active general manager, along with family members, doing business as D&J Enterprises LLC. The dealership represents the Honda, Kawasaki and KTM brands.
Selling owner Rodney Reim also owns Rainbow Sports just north of Oklahoma City, representing Honda, Yamaha and Kawasaki. Upon the decision to sell his California location after 11 years of successful operations, Reim called upon Mike Pate, vice president of Powersports Listings Mergers & Acquisitions (PLMA), to represent him in the marketing effort and management of the buy-sell transaction.
The acting general manager of Ken & Joe's Powersports, David Denman, expressed interest to step up and purchase the dealership in partnership with members of his family. Pate managed the dynamic of the parties moving from a GM-owner relationship to a buyer-seller relationship and a deal was struck for the buyout.
Pate, along with PLMA's CIO David Clay, was on site to manage final reconciliations and funding with the closing taking place on Feb. 21.