Asbury Automotive Closes Acquisition of Larry H. Miller Dealerships, Total Care Auto.
MANews-(C)2009-2021
US-based automotive retailer Asbury Automotive Group, Inc. (NYSE: ABG) has closed the acquisition of the Larry H. Miller Dealerships, the eighth largest dealer group in the US, and Total Care Auto, Powered by Landcar, from Larry H. Miller Group of Companies, the company said.
This transaction will diversify Asbury's geographic mix, with entry into six Western states: Arizona, Utah, New Mexico, Idaho, California, and Washington, and adds to its growing Colorado footprint.
Larry H. Miller Dealerships portfolio mix of largely domestic brands has historically delivered strong and stable margins in these markets.
The operating assets acquired include 54 new vehicle dealerships, seven used vehicle dealerships, and 11 collision centers.
Combined, Larry H. Miller Dealerships sells over 115,000 new and used vehicles annually.
In addition to the dealerships, Asbury will acquire TCA, a provider of service contracts and other vehicle protection products, providing enhanced profitability and cash flow.
The aggregate purchase price of USD 3.2bn includes approximately USD 740m of real estate. The transaction is expected to close in 4Q21 and is subject to automobile factory approvals and other customary closing conditions.
Asbury said the EBITDA for the twelve months ended June 30, 2021 of these acquired entities is approximately USD 360m, which includes day-one cost savings.
Asbury has secured committed bridge financing in support of the acquisition, which it expects to replace with a combination of permanent debt and equity financing prior to closing.
The equity portion of the permanent financing is currently expected to be approximately USD 600m.
Although the transaction is initially expected to take Asbury above its targeted net leverage range of 3.0x, Asbury believes that it can de-lever to near 3.0x over the...
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