LMP To Acquire 5 Import Dealerships, Associated Real Estate In Texas For $62.5M

by Shivani Kumaresan, Benzinga Staff Writer

September 13, 2021 1:19 PM | 1 min read | Make a Comment

Automotive retailer LMP Automotive Holdings Inc LMPX has agreed to acquire five import dealerships in Texas, including the associated real estate, for ~$62.5 million.
LMP expects the acquisition to add about $35 million in adjusted EBITDA or $2.95 per share in 2022.
The deal is expected to be closed in Q4 2021. Upon completion, LMP's total franchise and dealership count will be 56 and 40, respectively.
The deal will be funded through a combination of cash on LMP's balance sheet, up to $6.25 million in common stock, and debt financing.
LMP held $24.3 million in cash and equivalents as of June 30, 2021.
Price Action: LMPX shares are trading higher by 5.98% at $17.19 on the last check Monday.

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