Group 1 buys Florida Chevy dealership, adds $150 million in revenue

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Automotive News
March 28, 2023

The acquisition of Estero Bay Chevrolet in Florida will add $150 million in annual revenue to Group 1's operations.

Group 1 Automotive Inc. has acquired Estero Bay Chevrolet in Florida in a move that will add an estimated $150 million in annual revenue to the public dealership group's already sizable operations.Group 1, of Houston, purchased the dealership from Charles Winton in a deal that closed Monday, Group 1 officials told Automotive News.Estero Bay Chevrolet is based in Estero Bay near Fort Myers in Southwest Florida. The dealership ranks fifth in new-vehicle volume among Florida Chevrolet dealerships, Group 1 said in a Tuesday news release. Group 1's other Florida locations are North Miami, Panama City, Springfield and Pensacola.Group 1's CEO Daryl Kenningham said in the release that the company is pleased to be expanding its footprint and scale in Florida, and that it continues to pursue acquisitions thanks in part to a "strong cash flow and robust balance sheet."Seller Winton was represented by Kerrigan Advisors, a Group 1 official said.

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About Kerrigan Advisors

Kerrigan Advisors is the premier sell-side advisor and thought partner to auto dealers nationwide. The firm advises the industry's leading dealership groups, enhancing value through the lifecycle of growing, operating and, when the time is right, selling their businesses. Kerrigan Advisors has represented some of auto retail's largest transactions and advised more of the largest dealership groups in the US than any other buy/sell firm in the industry. Led by a team of veteran industry experts with backgrounds in investment banking, private equity, accounting, finance and real estate, the firm does not take listings, rather they develop a customized approach for each client to achieve their personal and financial goals. In addition to Kerrigan Advisors' sell-side advisory and capital raising services, the firm also provides a suite of consulting services including growth strategy, market valuation assessments, capital allocation, transactional due diligence, open point proposals, operational improvement and real estate due diligence.

Kerrigan Advisors monitors conditions in the buy/sell market and publishes an in-depth analysis each quarter in The Blue Sky Report®, which includes Kerrigan Advisors' signature blue sky charts, multiples, and analysis for each franchise in the luxury and non-luxury segments.—To download a preview of the report, click here.—The firm also releases monthly The Kerrigan Index™ composed of the seven publicly traded auto retail companies with operations focused on the US market. The Kerrigan Auto Retail Index is designed to track dealership valuation trends, while also providing key insights into factors influencing auto retail.—To access The Kerrigan Index™, click here.—To read the—2023 Kerrigan OEM Survey, click here.—Kerrigan Advisors also is the co-author of NADA's Guide to Buying and Selling a Dealership.

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