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 and Pat Denson in a deal that closed Monday, officials from Kerrigan Advisors and Group 1 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.
Group 1 also said Tuesday that it spent $34.7 million to repurchase 180,982 shares through March 28. It repurchased more than 3 million shares in all of 2022, representing nearly 18 percent of its outstanding common shares at the beginning of last year.
