Asbury Automotive Group, one of the largest automotive retail and service companies in the U.S., has entered into a definitive agreement with Larry H. Miller Group of Companies (“LHM Group”) to acquire Larry H. MillerDealerships, the eighth largest dealer group in the U.S., and Total Care Auto, Powered by Landcar (“TCA” or “Landcar Agency”).
“Larry H. Miller Dealerships is one of the most respected automotive dealer groups in the United States with a strong culture and stewardship mentality,” said David Hult, Asbury's President and Chief Executive Officer. “This acquisition is a unique opportunity to rapidly expand Asbury’spresence into these desirable, high-growth Western markets with strong accretion from day-one, with this impressive group and its rich history.
LarryH. Miller Dealerships is a well-run operation with long tenured employees and a senior leadership team equaling over 5,300 passionate teammembers, all of whom have had a part in building and carrying forward the legacy that Larry H. and Gail Miller founded over 42 years ago. We arethrilled to grow our presence in these states that we believe have appealing economic and demographic growth opportunities while broadening ourgeographic reach. Our now national footprint, complemented by our digital purchasing capabilities in Clicklane, creates a truly expansive omni-channelplatform of dealerships.
“This acquisition will further diversify our total portfolio mix and add approximately $5.7 billion in expected annualized revenues, which positions us well to execute our five-year plan to generate $20 billion in annual revenue by 2025. With these acquisitions, we will exceed our previously publishedfive-year target for M&A within the first year of the plan. We will continue to seek acquisitions that fit our culture and strategy. We believe that thisacquisition is truly transformative for Asbury, and we are honored to be the stewards of Larry and Gail’s vision. Additionally, we expect this acquisitionto be highly accretive to earnings per share in 2022 and beyond.”