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All the entries posted on May 07, 2008.
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Wednesday, May 7, 2008
Manny, Moe, Jack - and Michael
It looks like Michael Dell is getting into the car business.
MSD Capital, the private investment firm for Dell Inc. founder Michael Dell and his family, said Wednesday it has teamed up with the former CEO of the Pep Boys auto parts stores to start a chain of premier car dealerships across the country.
Dell’s new partner Jeffrey Rachor will run MSD Automotive Partners from headquarters in Chattanooga, Tenn. No word just yet on where the company wants to open its high-end car lots.
Rachor served as president and CEO of Pep Boys - Manny, Moe & Jack for about a year before leaving in April. Previously, he ran car retailer Sonic Automotive.
Dell, as one of the richest guys on the planet, can of course drive just about anything he wants. In a statement, MSD Capital partner Howard Berk said the investment house has been looking to get into the car business for several years.
Founded in 1998, MSD Capital exclusively handles the investments of Dell and his family. Currently, the New York-based firm has more than $12 billion in assets.