Varnum Represents Zeigler Automotive Group in Acquisition of Chicago Area Dealerships
In its largest acquisition to date, Kalamazoo-based Zeigler Automotive Group has acquired three luxury automotive dealerships in the greater Chicago area from Motor Werks Auto Group. The transaction closed on January 21, 2020. Terms of the deal were not disclosed.
The new dealerships are collectively projected to sell 5,000 new units per year, adding $350 million in sales per year to Zeigler Automotive Group’s sales, which are now expected to total $1.7 billion per year on over 40,000 units.
Varnum served as M&A/corporate counsel for Zeigler on the matter, preparing and negotiating the asset purchase agreement and related material agreements. Led by Pete Roth, the Varnum team included Zach Meyer and Elliott Berlin. Varnum also provided counsel with respect to material matters involving operation transfer plans, including workforce transition, and engaged in related primary and secondary ancillary transaction work, including coordination of closing logistics.
Zeigler Automotive Group is one of the largest privately-owned dealer groups in the nation with 75 franchises and 30 locations in Illinois, Indiana and Michigan. The company ranks among the top 1 percent of automotive dealers in the U.S.