LMPX - LMP Automotive gains on adding $80M in annualized revenue through acquisition of Chrysler Dodge Jeep Ram dealership

LMP Automotive Holdings (LMPX) +2% premarket on acquiring a Chrysler Dodge Jeep Ram dealership in New York for ~$11M for goodwill and $8.2M for the associated real estate.Consideration will be funded through a combination of cash on LMP’s balance sheet, $5.6M in common stock and debt financing.This deal will add ~$80M in annualized revenue and $2.6M in adjusted EBITDA or $0.26 per share in 2022.The transaction is expected to close in 4Q21. Richard Aldahan, LMP’s Chief Operating Officer, stated, “This acquisition will further expand our management team and Northeast footprint. We intend to continue expanding aggressively in this region as we are seeing a record amount of interest in our dealer partner model.”

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LMP Automotive gains on adding $80M in annualized revenue through acquisition of Chrysler Dodge Jeep Ram dealership