McNally Capital Advises Dobbs Management in Acquisition of Seven John Deere Construction & Forestry Stores from Nortrax

McNally Capital (“McNally”) and Dobbs Management Service, LLC (“Dobbs Management”) announced Dobbs Management’s acquisition of seven John Deere Construction and Forestry Stores serving the South Florida market. The business will operate as Dobbs Equipment and will keep its business headquarters in Tampa. McNally initiated discussions between Dobbs and John Deere with regards to this transaction as well as assisted as an advisor to Dobbs. Consistent with McNally Capital’s approach as a merchant bank, the firm also co-invested alongside Dobbs and will be an equity partner in the company.

Edward Dobbs, President of Dobbs Management, stated, “We are excited to partner with John Deere as a dealer in the Florida market. Our family has nearly a century 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.”

Frank McGrew, Managing Partner of McNally Capital, stated, “Consistent with our approach in providing direct family capital, we are happy to serve as an advisor and partner to Dobbs Management. We are focused on supporting long term growth at private operating companies by providing a family office partnership.”

Edward Dobbs also stated, “McNally Capital introduced us to this unique opportunity with John Deere and worked tirelessly, providing tremendous insight and advice. The carve out nature of this transaction required additional efforts and resources to adequately analyze and to successfully transition the business to become a stand-alone entity post-close. We look forward to having McNally as our partner going forward.”

The purchase, through DJD Equipment Holdings, LLC, included full service stores in Lutz (Tampa), Orlando, West Palm Beach, Miami and Ft. Myers, FL., in addition to parts only stores in Pompano and Riverview, FL.

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