Krause Auto Group picked up three Florida dealerships to bring its rooftop count to 23.
One Genesis store and two Nissan dealerships are all in Lee County in southwestern Florida.
Krause, founded in 1991, acquired the stores for more than $110 million.
Sutherlin Nissan of Cape Coral, Sutherlin Nissan of Fort Myers and Sutherlin Genesis in Fort Myers have been renamed Nissan of Cape Coral, Nissan of Fort Myers and Fort Myers Genesis.
Krause said it plans to expand the service department of the Fort Myers Nissan and renovate the dealership, which it said is the top-performing U.S. store for the brand. It will move the Genesis store, currently sharing the same property as the Nissan dealership, to a new spot about a mile south.
The general manager of the dealerships, Mike Spinazze, will stay in that position while becoming a 40% minority partner in the Nissan stores.
"I am particularly excited about this opportunity because I am returning to my roots — as I grew up in Fort Myers and graduated from Bishop Verot High School before pursuing a degree from Stetson University in Deland, Florida," said Krause CEO Vernon Krause. “Having the ability to contribute to the automotive industry in this particular thriving market is a full-circle moment for me."
The acquisition was brokered by Mike Sims, president of Pinnacle Mergers & Acquisitions.
Originally posted on Auto Dealer Today