- Eight dealerships in the attractive Denver, Colorado market
representing six franchise brands, plus an additional franchise
open point
- Well-respected group with an impressive share of leading brands
in this desirable market
- Adds approximately $715 million in annualized revenue
Asbury Automotive Group, Inc. (NYSE: ABG), one of the largest
automotive retail and service companies in the U.S., completed the
acquisition of Stevinson Automotive (“Stevinson”) adding
approximately $715 million in annual revenues.
“We are thrilled to add to our growing footprint in the dynamic
and growing Denver area, especially through a well-respected and
successful dealership group like Stevinson,” said David Hult,
Asbury's President and Chief Executive Officer. “Many of
Stevinson’s award-winning dealerships are ranked as some of the
best in the country, but what makes this group special are its
people and the culture they have built over its 60-year history.
Stevinson’s 600 plus team members are talented professionals who
are dedicated to the guest experience and aligned with our North
Star of being the most guest-centric automotive retail
company.”
Hult continued, “We are excited that Kent has agreed to stay on
and guide Asbury through the real estate and construction projects
in Colorado.”
“After meeting with David Hult and the Asbury team and getting
to know them, I knew that their business approach, their philosophy
toward employees and customers mirrored our own here at Stevinson.
I look forward to David and his exceptional team continuing the
Stevinson legacy for another 60 years!” said Kent Stevinson, Owner,
Stevinson Automotive.
Stevinson owns and operates a portfolio of award-winning
dealerships with an impressive share of leading brands in the
Denver market.
Stevinson has a highly attractive mix of dealerships with
revenue comprised of 48% Toyota, 27% Lexus, 10% Porsche, 8%
Chevrolet, 4% Hyundai, and 3% Jaguar.
The operating assets to be acquired include eight (8) new
vehicle franchises, all of which are located in the attractive
Denver market: two (2) Lexus, two (2) Toyota, one (1) Porsche, one
(1) Chevrolet, one (1) Hyundai, and one (1) Jaguar; plus one (1)
Land Rover open point.
“Asbury appreciated working with Kerrigan Advisors, who
represented Stevinson and played an instrumental role in the
success of this strategic transaction,” said Mr. Hult.
Stephen Dietrich of Holland & Knight served as legal counsel
to Stevinson, while Kevin Sutton and Katherine Frazier of Hill Ward
Henderson served as legal counsel to Asbury Automotive Group.
Other Acquisitions
Asbury has an additional $5.7 billion in annualized revenue
under contract from the acquisition of Larry H. Miller Dealerships
and Total Care Auto, Powered by Landcar.
About Asbury Automotive Group, Inc.
Asbury Automotive Group, Inc. (NYSE: ABG), a Fortune 500 company
headquartered in Duluth, GA, is one of the largest automotive
retailers in the U.S. In late 2020, Asbury embarked on a 5-year
plan to increase revenue and profitability strategically through
organic and acquisitive growth as well as their innovative
Clicklane digital car purchasing platform, with its guest-centric
approach as Asbury’s constant North Star. Asbury currently operates
101 dealerships, consisting of 125 franchises, representing 31
domestic and foreign brands of vehicles. Asbury also operates 24
collision repair centers. Asbury offers an extensive range of
automotive products and services, including new and used vehicles;
parts and service, which includes vehicle repair and maintenance
services, replacement parts and collision repair services; and
finance and insurance products, including arranging vehicle
financing through third parties and aftermarket products, such as
extended service contracts, guaranteed asset protection debt
cancellation, and prepaid maintenance.
For additional information, visit www.asburyauto.com.
Forward-Looking Statements
To the extent that statements in this press release are not
recitations of historical fact, such statements constitute
"forward-looking statements" as such term is defined in the Private
Securities Litigation Reform Act of 1995. The forward-looking
statements in this press release may include statements relating to
goals, plans, expectations, projections regarding the expected
benefits of the transaction, managements plans, projections and
objectives for the transaction, future operations, scale and
performance, integration plans and expected synergies therefrom,
and our financial position, results of operations, market position,
capital allocation strategy, initiatives, business strategy and
expectations of our management.
The following are some but not all of the factors that could
cause actual results or events to differ materially from those
anticipated, including: failure to realize the benefits expected
from the transaction; failure to promptly and effectively integrate
the acquisition; our inability to complete previously announced or
future acquisitions or divestitures and the risks resulting
thereto, including the contemplated acquisition of the Larry H.
Miller family of dealerships and related insurance businesses and
real estate; our ability to execute our business strategy; the
impact of the COVID-19 pandemic, market factors, Asbury's
relationships with, and the financial and operational stability of,
vehicle manufacturers and other suppliers, acts of God or other
incidents and the shortage of semiconductor chips, which may
adversely impact supply from vehicle manufacturers and/or present
retail sales challenges, risks associated with Asbury's
indebtedness (including available borrowing capacity, compliance
with its financial covenants and ability to refinance or repay such
indebtedness, on favorable terms), Asbury's relationships with, and
the financial stability of, its lenders and lessors, risks related
to competition in the automotive retail and service industries,
general economic conditions both nationally and locally,
governmental regulations, legislation, adverse results in
litigation and other proceedings, and Asbury's ability to execute
its five-year strategic plan, IT initiatives and other operational
strategies, Asbury's ability to leverage gains from its dealership
portfolio, Asbury's ability to capitalize on opportunities to
repurchase its debt and equity securities or purchase properties
that it currently leases, and Asbury's ability to stay within its
targeted range for capital expenditures. These risks, uncertainties
and other factors are disclosed in Asbury's Annual Report on Form
10-K, subsequent quarterly reports on Form 10-Q and other periodic
and current reports filed with the Securities and Exchange
Commission from time to time.
These forward-looking statements and such risks, uncertainties
and other factors speak only as of the date of this press release.
We expressly disclaim any obligation or undertaking to disseminate
any updates or revisions to any forward-looking statement contained
herein, whether as a result of new information, future events or
otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20211207005669/en/
Investors & Reporters May Contact: Karen Reid VP –
Corporate FP&A and Treasurer (770) 418-8211
ir@asburyauto.com
Asbury Automotive (NYSE:ABG)
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