Asbury Automotive to acquire Jim Koons Automotive Companies

Asbury Automotive signed a definitive agreement to acquire Jim Koons Automotive Companies, the ninth largest privately-owned dealership group in the U.S. The sale of the Mid-Atlantic Region company is one of the most sizable in auto retail history, representing over $3B in revenue in 2022 and includes 20 dealerships, 29 franchises, six collision centers and one of the highest volume Toyota and Stellantis dealerships in the US. Asbury currently operates 138 dealerships, representing 31 domestic and foreign brands, as well as 32 collision repair centers. Kerrigan Advisors was the exclusive sell-side advisor on the transaction, representing Koons. The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2023 or early in the first quarter of 2024. Asbury plans to fund the purchase price with its existing liquidity, credit facility and cash on hand.