Katten attorneys helped navigate a $3.2 billion transaction between Asbury Automotive Group and the family owned Larry H. Miller Dealerships, the eighth-largest car dealership operator in the US.
Law360 reported that as part of the agreement, Asbury Automotive Group is purchasing Larry H. Miller Dealerships as well as Total Care Auto (TCA), Powered by Landcar, which offers customers vehicle service, maintenance and repair contracts and contractual liability insurance.
The deal is expected to add $5.7 billion in annualized revenue for Asbury, with the addition of 54 new vehicle dealerships, seven used vehicle dealerships and 11 collision centers.
The acquisition means Georgia-based Asbury now will have a presence in Utah, Arizona, New Mexico, Idaho, California, and Washington, and bolster its presence in Colorado.
Katten represents Larry H. Miller Group (LHM Group), formed in 1979 with the family’s purchase of a single car dealership.
Adam Klein, Greg Hidalgo, Val Famparska and Matt Marguerite were among more than two dozen Katten attorneys helping to steer the transaction on behalf of LHM Group.
Law360 noted that LHM Group has expanded its operations over the years to include entertainment, sports, finance, real estate and health care.
The aggregate purchase price of $3.2 billion includes about $740 million in real estate and is expected to close in the fourth quarter, according to a statement announcing the deal.
"4 Firms Steer $3.2B Deal For US Car Dealership Operator," Law360, September 29, 2021
"Asbury Automotive Group Adds Approximately $5.7 Billion in Annualized Revenues with Transformational Acquisition of Larry H. Miller Dealerships and Total Care Auto, Powered by Landcar,” Businesswire, September 29, 2021
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