Asbury Automotive Group Inc ABG penned a deal to amass Jim Koons Automotive Firms for an undisclosed quantity.
Jim Koons is the ninth largest privately-owned dealership group within the U.S., and the buyout contains 29 franchises, six collision facilities, 20 dealerships in Virginia, Maryland, and Delaware.
Based in 1973, Jim Koons was one of many 13 personal teams with over $3 billion in income in 2022.
The transaction is predicted to shut in This fall FY23 or early Q1 FY24, topic to customary closing situations.
“This acquisition is transformative for our firm, enabling Asbury to additional develop into one of many nation’s high economies in one in all its fastest-growing areas, with a number of the U.S.’ best-performing dealerships….We anticipate the Koons dealerships’ profitability to be usually in step with the profitability of Asbury’s dealerships,” mentioned David Hult, Asbury’s President and CEO.
As of June 30, 2023, the corporate had money and floorplan offset accounts of $882 million, availability below the used car floorplan line, and a revolver of $707 million for round $1.6 billion in liquidity.
Worth Motion: ABG shares are buying and selling greater by 1.86% at $223.27 on the final test Friday.
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