The longtime family-owned Jim Koons Automotive, of Vienna, Va., comprises domestic, import and luxury brand dealerships in Virginia and Maryland. Asbury has just four dealerships in Virginia and none in Maryland, according to a second-quarter investor presentation.
“This transaction came together very, very quickly,” said Erin Kerrigan, managing director of Kerrigan Advisors. “And I think it’s indicative of how valuable the Koons group is and the fact that it is in one of the best markets in the country.”
Kerrigan Advisors, a sell-side firm in Incline Village, Nev., is representing Koons.
“We view this transaction very favorably in that it appears to be a good strategic and cultural fit,” Seaport Research Partners analyst Glenn Chin wrote in an investor note Friday.
Asbury generated $15.4 billion in revenue in 2022 and wants to grow to $32 billion by 2025. In April 2022, Asbury said it expected $6.2 billion of its revenue growth would come via acquisitions. That figure has since been updated to $6.9 billion, according to the second-quarter investor presentation.