The Asbury Automotive Group has announced a definitive agreement to acquire Jim Koons Automotive Companies, which is billed as the ninth largest privately owned dealership group in the United States. Jim Koons has 20 dealerships, 29 franchises and six collision centers in the Mid-Atlantic region. Asbury currently operates 138 dealerships, representing 31 domestic and foreign brands, as well as 32 collision repair centers.
Kerrigan Advisors was the exclusive sell-side adviser on the transaction, representing Koons. The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2023 or early in the first quarter of 2024.