ASBURY AUTOMOTIVE GROUP INC (ABG): M&A transaction — Asbury Automotive completes $1.5B Jim Koons acquisition; acquired entity had $2.36B revenue in 9 months

ASBURY AUTOMOTIVE GROUP INC

Acquired substantially all assets of Jim Koons Dealerships for ~$1.5B; transaction closed Dec 11, 2023.
Audited financials: Jim Koons Organization revenue $2.36B, net income $123.5M for Jan-Sep 2023.
As of Sep 30, 2023, Jim Koons had total assets $658M, equity $236M.
Asbury filed unaudited pro forma condensed combined balance sheet and income statement as of Sep 30, 2023.
Acquisition adds 23 dealership franchises across Maryland, Virginia, Delaware, and the Carolinas.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.95

ASBURY AUTOMOTIVE GROUP INC completed an acquisition involving Jim Koons Dealerships / Jim Koons automotive dealerships group (closed 2023-12-11).

Action: acquisition
Counterparty: Jim Koons Dealerships / Jim Koons automotive dealerships group
Closing: 2023-12-11

Exact text from the filing

On December 11, 2023, Asbury Automotive Group, Inc. (the “Company”) filed a Current Report on Form 8-K (the “Initial Report”) with the Securities and Exchange Commission (the “SEC”) to report the completion of the acquisition by Asbury Automotive Group, LLC (“Purchaser”), a Delaware limited liability company and a wholly-owned subsidiary of Asbury Automotive Group, Inc., a Delaware corporation (the “Company”), of substantially all of the assets, including all real property and businesses of the Jim Koons Dealerships (collectively, the “Businesses”) pursuant to a Purchase and Sale Agreement with various entities that comprise the Jim Koons automotive dealerships group (the “Transaction”).

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ASBURY AUTOMOTIVE GROUP INC filing history →

Source: SEC EDGAR

accession 0001104659-24-027098

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