KIMTF - LMP Automotive gains on buying Kia dealership in Connecticut adding ~$40M in annualized revenue

LMP Automotive Holdings (LMPX) +7.8% premarket on acquiring Kia dealership in Connecticut for ~$2.8M for goodwill and $6.45M for the associated real estate.This transaction will generate ~$40M in annualized revenue and $1.9M in adjusted EBITDA in 2022.The deal is expected to close in 4Q21.Consideration will be funded through a combination of cash on LMP’s balance sheet and debt financing. Richard Aldahan, LMP’s Chief Operating Officer, stated, “This acquisition expands our 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.”

For further details see:

LMP Automotive gains on buying Kia dealership in Connecticut, adding ~$40M in annualized revenue