LMP Automotive Acquires Kia Dealership In New York For $14M

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  • Automotive retailer LMP Automotive Holdings Inc LMPX has acquired a Kia dealership in New York for $14 million to expand its Northeast footprint further. 
  • LMP expects the deal to add $2.7 million in adjusted EBITDA or $0.26 per share in 2022. The new Kia dealership generates $82 million in annualized revenue.
  • It plans to fund the transaction through a combination of cash, up to $5 million in common stock, and debt financing.
  • The deal is expected to close in the fourth quarter of this year.
  • LMP held $19.4 million in cash as of March 31, 2021.
  • LMP’s total franchise and dealership count will increase to 27 and 23, respectively.
  • Price action: LMPX shares are trading higher by 4.91% at $18.07 on the last check Monday.
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