Holland & Knight Advises Jim Koons Automotive Companies in $1.2B Sale to Asbury Automotive Group

DENVER (December 12, 2023) – Holland & Knight advised Jim Koons Automotive Companies, a privately owned dealership group, in its $1.2 billion sale to Asbury Automotive Group, one of the largest automotive retail and service companies in the U.S. The deal closed on December 11.

The sale includes 20 dealerships, 29 franchises, six collision centers and one of the highest volume Toyota dealerships in the U.S. The purchase price includes $740 million of goodwill, $420 million of real estate and leasehold improvements as well as vehicle inventory (net of floorplan), parts inventory and fixed assets of the dealerships.

Headquartered in Vienna, Virginia, Jim Koons Automotive Companies is comprised of top-volume franchises including Toyota, Lexus, Mercedes-Benz, Ford, Kia, Hyundai, Volvo, Stellantis and General Motors.

Asbury Automotive Group, based in Duluth, Georgia, offers an extensive range of automotive products and services, including new and used vehicles, parts and service.

Holland & Knight Partners Stephen Dietrich, Brooke Sizer and Kyla Baker led the firm's representation of Jim Koons Automotive Companies.

More information on the transaction can be found here.

Holland & Knight regularly ranks among the leading M&A and private equity law firms in reputable, benchmarking league tables published by Bloomberg, Refinitiv, Mergermarket, PitchBook and The Deal. In the first half of 2023, the firm ranked among the top 5 most active law firms in the U.S. and globally for its work in the space. Through the HK Deal Flow® program, Holland & Knight facilitates deal leads for clients and prospective clients by matching acquisition or capital raising opportunities with buyers and investors.