Theo Davies auto dealer
purchases confirmed
Jardine Matheson Ltd. of Hong Kong has confirmed the sale of its six Theo Davies auto dealerships and repair shop in Hawaii.
Mainland auto dealers Fletcher "Ted" Jones and Gene Reed formed a company for the $100 million acquisition and registered Reed/Jones Acquisition HI LLC, a Delaware corporation, with the state of Hawaii on Friday.
The deal includes the Mercedes-Benz, Jaguar, Land Rover and Porsche franchises for Hawaii as well as two Honda dealerships on the Big Island. It is expected to close at the end of the year.
"The operations will continue to trade as Theo Davies, thereby maintaining the trading presence of one of Hawaii's oldest companies," the company said in a statement.
The sale is "part of a strategic review of the Jardine Matheson Group's ongoing businesses in Hawaii that were previously operated within the Theo Davies Group," the statement continued.
For the first time, the multinational corporation publicly acknowledged that its restaurant and heavy machinery operations are for sale, echoing earlier reports in the Honolulu Star-Bulletin. The company operates the Pizza Hut, Taco Bell, A&W All American Foods and Long John Silver's franchises in Hawaii under an agreement with the Singapore branch of Yum! Brands International. It also operates Pacific Machinery, which sells and maintains Caterpillar equipment in Hawaii and the Pacific.
"In recent years, the group's emphasis has shifted back to its Asian heartland," said Anthony Nightingale, Jardine director. "While our Hawaiian businesses have been performing well and profitably, certain of the businesses no longer match the group's long-term strategy and we are discussing the sale of the operations with potential purchasers," he said.
