Akerman Senterfitt recently represented AutoNation, the largest vehicle retailer in the United States, in the acquisition of six automobile dealerships in Texas with about $575 million in annual sales in one of the largest acquisitions of U.S. dealerships in a decade.
The deal included buying Audi, Porsche and Volkswagen dealerships in the Dallas area with annual sales of about $375 million from Boardwalk Auto Group, and Spring Chrysler Jeep Dodge and Ram in the Houston area with annual sales of about $200 million. Akerman worked with local counsel on the acquisition of the Houston dealerships.
Shareholder Jonathan Awner was the lead lawyer for the deals. The Akerman team representing AutoNation in the transactions included shareholder Brenda Goerks and associates Rebecca Schwarzberg and Ken Wiggins. The acquisitions closed Dec. 21, 2012.
“Considering the size of the acquisition, this was an important step for our client,” said Awner. “We’re glad to help them expand their operations and opportunities for revenue in a period when many are seeing a resurgence of the U.S. auto industry.”
“We are proud of Jonathan’s leadership and the team’s diligence on behalf of the client,” said Mary Carroll, chair of the Akerman Corporate Practice Group. “Their efforts on behalf of AutoNation are a great example of the high quality corporate M&A work Akerman is known for.”
AutoNation ended 2011 with $13.8 billion in revenue and more than 250 franchises. In the first three quarters of 2012, it reported $11.4 billion in revenue, up 13 percent from 2011. It also had 261 franchises spanning 32 brands in 15 states at the end of September, 2012.
