Jim Koons Automotive Companies, the D.C. region’s largest auto dealership chain and one of the largest privately owned dealership groups in the U.S., is being acquired by Asbury Automotive Group Inc. in Duluth, Georgia, for roughly $1.2 billion in what the buyer is billing as of one the largest retail automotive acquisitions in U.S. history.
Koons operates 20 dealerships in the Washington-Baltimore region, 29 franchises and six collision centers and posted revenue last year of around $3.2 billion. It was one of just 13 privately owned dealer groups in the country last year to top $3 billion in revenue and it is among the nation’s top sellers of Toyota, Stellantis, Ford, Kia, Hyundai, Volvo, Mercedes-Benz and General Motors vehicles, ranking among the top 10 in revenue per dealership.
Kerrigan Advisors represented Koons in the transaction. Stephen Dietrich and Brooke Sizer of Holland & Knight served as Koons’ legal counsel and Baker Tilly provided accounting services. Jones Day and Hill Ward Henderson served as legal counsel to Asbury and FORVIS served as Asbury’s advisory firm.
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Kerrigan Advisors is the premier sell-side advisor and thought partner to auto dealers nationwide. The firm advises the industry's leading dealership groups, enhancing value through the lifecycle of growing, operating and, when the time is right, selling their businesses. Kerrigan Advisors has represented some of auto retail's largest transactions and advised more of the largest dealership groups in the US than any other buy/sell firm in the industry. Led by a team of veteran industry experts with backgrounds in investment banking, private equity, accounting, finance and real estate, the firm does not take listings, rather they develop a customized approach for each client to achieve their personal and financial goals. In addition to Kerrigan Advisors' sell-side advisory and capital raising services, the firm also provides a suite of consulting services including growth strategy, market valuation assessments, capital allocation, transactional due diligence, open point proposals, operational improvement and real estate due diligence.
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