Estero Bay Chevrolet in Lee County, one of the largest new vehicle sales volume Chevrolet dealerships in Florida, has been sold.
Houston-based Group 1 Automotive, a publicly traded, Fortune 300 automotive retailer with 205 dealerships in the U.S. and U.K., acquired the business, according to a statement. Terms of the deal weren’t disclosed.
"We want to welcome the team at Estero Bay Chevrolet to the Group 1 family and are pleased to further expand our brand footprint and scale in Florida,” Group 1 President and CEO Daryl Kenningham says in the release. “Our strong cash flow and robust balance sheet continues to enable aggressive capital deployment through acquisition while also returning capital to our shareholders."
Estero Bay Chevrolet is expected to generate $150 million in annual revenue, the release from Group 1 states. The dealership was founded by business partners Charles Winton and Pat Denson in 2007, according to a separate statement from Kerrigan Advisors, which represented Estero Bay Chevrolet in the sale. Estero Bay ranks No. 6 in FLorida nd No 44 in the nation in new unit sales. The dealership has won the highly coveted Chevrolet Dealer of the Year award every year since 2018, the Kerrigan release adds.