Alpharetta, Georgia-headquartered Krause Auto Group acquired three dealerships in Lee County in a transaction totaling more than $110 million, company officials said.
The transaction involves the purchase of Sutherlin Nissan of Cape Coral, Sutherlin Nissan of Fort Myers and Sutherlin Genesis in Fort Myers. The dealerships have been renamed Nissan of Cape Coral, Nissan of Fort Myers and Fort Myers Genesis, respectively, and bring the total number of dealerships under Krause Auto Group to 23.
Krause plans a major renovation at the Nissan dealership in south Fort Myers, which includes an expansion of the service department. In addition, the Fort Myers Genesis dealership, currently located on the Fort Myers Nissan property, will move to a new location approximately a mile south following the completion of the property acquisition.
Mike Spinazze, the current general manager of the acquired dealerships, will continue in his role and become a 40% minority partner in both Nissan stores.
The transaction was brokered by Mike Sims, president of Pinnacle Mergers & Acquisitions.
