Asbury completes $3.2B acquisition of Larry H. Miller Dealerships and Total Care Auto

ASBURY AUTOMOTIVE GROUP INC

Purchase price $3.2B for 54 new-vehicle dealerships, 7 used-car stores, 11 collision centers, a wholesale business, and an F&I product provider.
Financed with $689.7M real estate term loan plus other debt and cash; loan bears SOFR+1.55%-1.95% or Base Rate+0.55%-0.95%.
Acquired assets expected to add ~$5.7B annualized revenue and $473M LTM adjusted EBITDA (incl. day-one cost savings).
Expands Asbury into six Western states: Arizona, Utah, New Mexico, Idaho, California, and Washington.
Total Care Auto (TCA) service-contract provider to be deployed across Asbury's national store footprint.

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