Asbury Automotive Group Adds Approximately $715 Million in Annualized Revenues with Acquisition of Stevinson Automotive
Eight dealerships in the attractive
Denver, Coloradomarket representing six franchise brands, plus an additional franchise open point
- Well-respected group with an impressive share of leading brands in this desirable market
$715 millionin annualized revenue
“We are thrilled to add to our growing footprint in the dynamic and growing
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
Stevinson owns and operates a portfolio of award-winning dealerships with an impressive share of leading brands in the
Stevinson has a highly attractive mix of dealerships with revenue comprised of 48%
The operating assets to be acquired include eight (8) new vehicle franchises, all of which are located in the attractive
“Asbury appreciated working with
Asbury has an additional
For additional information, visit www.asburyauto.com.
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
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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