ZT Motors Expands Into Atlanta With Acquisition of the Iconic Steve Rayman Chevrolet Dealership
prnewswire.com September 23, 2019
ZT Motors, a portfolio company of Houston-based Private Equity firm, ZT Corporate, announced today that it has completed the acquisition of the Steve Rayman Chevrolet dealership located in Atlanta, Georgia. This major acquisition will add to the company's auto dealership portfolio that includes Mercedes-Benz, BMW, Toyota and Mazda dealerships in Fort Walton Beach, Florida.
"This is a major win for customers in Atlanta and within the automotive industry," said Taseer Badar, Chairman and CEO of ZT Corporate. "By leveraging Keith Monnin, president of ZT Motors', deep experience in growing dealerships with the best brands in the automotive industry, we know that he is going to preserve Steve Rayman Chevrolet's legacy and also elevate it to a new experience that will be unlike any Chevrolet dealership in the Greater Atlanta area."
The Steve Rayman Chevrolet dealership has been Atlanta's trusted auto resource center since 1985. They are known for providing an impeccable auto experience and offering the most competitive prices, reliable service and transparent purchase processes.
"Taseer Badar's well-known passion for cars and Keith Monnin's wealth of experience leading dealerships to record growth make this an exciting opportunity for the Steve Rayman Chevrolet team," said Steve Rayman. "We are excited and honored to be part of a regional platform led by people who know and love cars."
After rapidly growing the Fort Walton Beach dealerships, ZT Motors began seeking opportunities to acquire additional dealerships under the leadership of ZT Motors' highly-successful automotive management team. ZT Corporate has a practice of retaining leadership talent with roots in the local community when it acquires dealerships.
"Our growth thesis is to create value for our investors, customers and store-level talent by acquiring top performer and cash-flowing dealerships where we can leverage its operating strength to expand the business. The portfolio is on pace to double its EBITDA since its initial acquisition of the Fort Walton Beach, FL dealerships and plans to continue that growth story with the Steve Rayman Chevrolet dealership," said Sheheryar Shah, Chief Investment Officer of ZT Corporate. This acquisition fits ZT Motors' growth strategy by adding a classic American brand to its thriving dealership portfolio and by giving the company a strong footprint in a major market, with the overall goal of adding future acquisition targets in the pipeline.
"ZT Motors' growth story is about our incredible customer service and strategic acquisitions," said Keith Monnin, President ZT Motors. "The Steve Rayman Chevrolet team understands how quality service drives growth, so I'm looking forward to working with them to enhance this business."
The parties representing the transaction included: Taseer Badar, Chairman and CEO of ZT Corporate; Keith Monnin, President of ZT Motors; Claire Thompson, CFO of ZT Motors, and Sheheryar Shah, COO of ZT Corporate. Legal representation services for ZT Corporate were provided by Monica Hoenshell of the Calvert Law Firm; Anwar Qadeer of Qadeer and Associates; Bob Morris, Broker, Tim Lamb Group; and transaction financing were provided by BMO Harris Bank N.A. Crowe LLP conducted the financial due diligence of the transaction.
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