Sarasota, Florida
RENN HAUS the European automotive service provider which proved independent shops can compete with the big luxury and exotic brand dealerships was sold to private equity firm Triple Net Capital Advisors from Plymouth, Minesota for an undisclosed sum. Chris Cogan, managing director of Seven Funds, purchased Renn Haus in 2018 when it was a modest, but well-respected shop providing routine service of German autos, mostly Porsches. Cogan's intent was to use Renn Haus as a platform to develop his thesis for a business model where larger more professional shops in prime locations compete with franchised dealers for service work. Within several months of his acquisition of Renn Haus, Cogan had revamped and updated all of the systems, streamlined operations and doubled revenues. The following year, Cogan moved Renn Haus into an impressive modern facility in a prime downtown area of Sarasota where the local planning and zoning board doesn't hand out automotive exemptions easily. But Cogan's ambitious plan and commitment to make the facility as impressive as any Ferrari dealership won them over. Then his focus was turned to fine tuning the business to drive further efficiencies and revenue. The success of the business drew the attention of high-end dealers up and down the Florida coast from Naples to Tampa and it wasn't long before that interest turned to offers. Cogan's plan was to grow Renn Haus beyond Sarasota, in fact he had already secured equally impressive sites in Orlando next to the new Rolls Royce and Lamborghini dealership and in the tony town of Palm Beach directly across from the regional airport, but family priorities caused him to reconsider those plans which led to the sale.
