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Asbury Automotive Group Inc (NYSE:ABG) penned a deal to acquire Jim Koons Automotive Companies for an undisclosed amount.
Jim Koons is the ninth largest privately-owned dealership group in the U.S., and the buyout includes 29 franchises, six collision centers, 20 dealerships in Virginia, Maryland, and Delaware.
Founded in 1973, Jim Koons was one of the 13 private groups with over $3 billion in revenue in 2022.
The transaction is expected to close in Q4 FY23 or early Q1 FY24, subject to customary closing conditions.
"This acquisition is transformative for our company, enabling Asbury to further expand into one of the country's top economies in one of its fastest-growing regions, with some of the U.S.' best-performing dealerships....We expect the Koons dealerships' profitability to be generally in line with the profitability of Asbury's dealerships," said David Hult, Asbury's President and CEO.
As of June 30, 2023, the company had cash and floorplan offset accounts of $882 million, availability under the used vehicle floorplan line, and a revolver of $707 million for around $1.6 billion in liquidity.
Price Action: ABG shares are trading higher by 1.86% at $223.27 on the last check Friday.
Posted In: ABG
