LAD - Lithia Motors & Driveway adds $2.4B in annualized revenue via acquisition of The Suburban Collection

Lithia Motors & Driveway (LAD) has acquired The Suburban Collection, headquartered in Troy, Michigan.The acquisition is the first major platform in North Central region and is expected to add $2.4B in annualized revenues and includes all 56 Suburban Collection franchises, making today's announcement one of the largest number of franchises ever sold in a strategic transaction.The deal brings company's total expected annualized revenue acquired to $6.5B since the launch of its 5-year plan to reach $50B in revenue and $50 of earnings per share just nine months ago.The company has now completed six of the eight largest acquisitions in the industry and is outpacing the plan's $4B annual target by over 60%. The transaction was funded using most of the remaining capital raised in concurrent equity and debt offerings late last year.

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Lithia Motors & Driveway adds $2.4B in annualized revenue via acquisition of The Suburban Collection