AutoNation Inc. has acquired 12 new auto dealers from Allen Samuels Auto Group, including several in Tarrant County.
The 12 new auto dealers includes 31 franchises, in the Houston, Dallas-Fort Worth, Corpus Christi, Tyler, Ennis and Waco markets and represents approximately $800 million in annual revenue and 19,500 retail new and used vehicle unit sales. For AutoNation, Texas will represent approximately 25 percent of total revenue, with 53 stores, 82 franchises and 5,300 associates, once the acquisition is completed, according to the Fort Lauderdale, Florida-based company.
The franchises to be acquired include Chrysler, Dodge, Jeep, Ram, Chevrolet, Hyundai, Mercedes-Benz and Sprinter. This transaction is subject to customary terms and conditions, including manufacturer approval, and is expected to close in the first quarter of 2016. In Fort Worth, the three dealerships are located on Loop 820 and another on Interstate 35.
Allen Samuels himself owns two dealerships that are not part of the deal.
“We are pleased to have the opportunity to add 12 stores throughout the state of Texas,” said Mike Jackson, AutoNation’s chairman, CEO and president. “This acquisition will enhance our brand mix in the state of Texas. We also look forward to welcoming Allen Samuels’ customers and 1,000 associates to the AutoNation family.”
In September 2015, AutoNation completed the previously announced acquisition of a Mercedes-Benz store, an Audi store, and a Subaru and Volkswagen store from Valley Motors Auto Group in the Baltimore, Maryland market. The previously-announced acquisition of 13 stores from Carl Gregory Enterprises is expected to close in the fourth quarter of 2015. Since the beginning of 2015, AutoNation has announced acquisitions with approximately $1.7 billion in annual revenue. Once the Allen Samuels and Carl Gregory acquisitions are completed, AutoNation’s total store count will be 265 and total franchise count will be 372.
Stephens Inc. is serving as financial advisor to Allen Samuels Auto Group. AutoNation trades on the NYSE under the AN symbol.