Last week, I asked everyone to imagine being part of something special, something different, and something bigger. I introduced our goal of $120m by 2020! Well, in addition to good organic growth, I hinted that this would also include a few acquisitions. For those who joined us on today’s conference call, you heard about Pinnacle’s very first acquisition. Over the next few days, we’ll be communicating with a number of different audiences about Pinnacle’s intent to purchase Universal Parking/Detail Pro. We expect to close in early March.
This was the announcement that was sent to all Universal customers today.
We are pleased to announce that Universal Parking and Pinnacle Automotive Hospitality, the nation’s leading customer experience and customer-loyalty services companies, have agreed to join forces. The merger is expected to be effective March 1,2018.
Both our organizations are respected as providers of high quality services. The combination of our two companies creates the most innovative and diversified quality service offerings in the industry.
The Pinnacle–Universal merger will open up some exceptional opportunities. Pinnacle is noted for its advanced recruiting platform and capabilities. This technology will be quickly implemented to benefit Universal’s clients. Additionally, both organizations will begin to share best practices and will adopt the best in class for the combined organization. Our approach and objective will be to improve associate training and to implement operating best practices that will drive an elevated customer experience, satisfaction, and retention. These customer focused improvements, added services, and improved practices/efficiencies will lead directly to greater RO counts, higher RO ticket averages, and increased selling gross at Universal customers.
The Universal leadership team and associates serving your location today will be an integral part of our new organization. The team that serves you today will continue to serve you going forward. We will play a major role in the new senior leadership team. We remain enthusiastically committed to ensuring our current and future clients receive the quality service levels and value we have promised.
Shortly, we will be introducing you to the Pinnacle Automotive Hospitality leadership team and explore with you the many opportunities for driving customer loyalty, elevating service levels and efficiently delivering more to your bottom line.
As I talked about on today’s call, we’ll begin to reap the benefits quickly. We will immediately be twice as big and have twice the people. The more penetration and the more dealerships we have in a market, the easier to support and to grow these markets.
Universal has a big presence in detailing which is especially exciting. They know more about this business than we do. This will really help. Even better, it will be far easier to sell Detail when we can point to more existing operations down the street.
We’ll also add a few new markets to the company. Universal has a big presence in the Chicago market and are quickly growing in Memphis and potentially Nashville.
And, we’ll get two great executives in Bryan Geoffrey and Mike Hollenback who’ll ultimately be focused on helping us increase the number of Regional Groups where we service multiple locations.
While we don’t expect a final close until March, we will immediately begin efforts to start introductions with the Universal team and customers. We are already working on a comprehensive integration plan which will go from March until the end of May. By June 1st, we be one united force and one company. Our roots might have been different but we’ll have a company where everyone comes together as one cohesive, aligned, and united organization. This will also accelerate our path to becoming a strong, valuable brand in the automotive space! That’s when it really gets fun!
Welcome to the future. This will be marked as a great day in the Pinnacle Nation history!
Have a great week.
The Vision is Clear!