McMillan family sells out of Team McMillan to Collins Asset
McMillan family sells half stake in Team McMillan to Tim Cook’s Collins Asset
May 19 (BusinessDesk) – The McMillan family is selling its half stake in Auckland-based BMW, Mini and Roll Royce dealer Team McMillan to co-owner Collins Asset Management, and founder Bob McMillan will retire from the business.
Collins Asset Management’s managing director Tim Cook said financial terms of the transaction, which is effective on June 30, were confidential. Team McMillan, based on Great South Road, is Auckland’s largest BMW dealership and the European automaker’s New Zealand ‘sales dealer of the year’ for the past two years.
Cook is already on the Team McMillan board. His firm’s interests include 16 percent of NZX-listed Veritas Investments and held a 19.7 percent stake in juice maker Charlie’s Group until it was sold to Asahi Group in 2011.
Cook is also managing director of Cook Executive Recruitment and this month joined the board of MyWave after Collins participated in the software start-up’s capital raising to become its second largest shareholder on 7.1 percent. It also owns about 27 percent of VnC Cocktails
According to the Team McMillan website, Bob McMillan started the company in 1985 by buying Johnstone BMW. He now plans to retire at the age of 72.