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Business Observer Monday, Dec. 20, 2021 7 months ago

Local law firm helps broker $5.7B car dealership acquisition

Tampa-based Hill Ward Henderson represented Asbury Automotive Group, which bought out Larry H. Miller Dealerships.

TAMPA — Hill Ward Henderson shareholders Katherine Frazier and Kevin Sutton represented Asbury Automotive Group in an acquisition that will add some $5.7 billion to the Duluth, Ga.-based auto retail and service company.

Courtesy. Hill Ward Henderson shareholder Kevin Sutton.

Asbury, according to a news release, acquired Sandy, Utah-based Larry H. Miller Dealerships, whose assets include 54 new vehicle dealerships, seven used vehicle dealerships, 11 collision centers, a used vehicle wholesale business and a financial and insurance product provider. Larry H. Miller Dealerships sold approximately 120,000 new and used vehicles in the 12 months ended Sept. 30, 2021.

“We are excited to complete the transformative acquisition of Larry H. Miller Dealerships,” Asbury President and CEO David Hult states in the release. “With its strong culture and stewardship mentality, coupled with the ability to rapidly expand Asbury’s presence into these desirable, high-growth Western markets, it is a rare opportunity.”

The deal closed on Dec. 17, the release states. Frazier and Sutton were assisted by real estate associates Jill Bell and Ryan McConnell, as well as employee benefits associate Tim Zehnder.

Asbury Automotive Group reported gross annual revenue of $7.13 billion in 2020, down from $7.21 billion in 2019.

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