LMP Automotive will use some debt for Texas dealerships purchase

Chicago, July 19 – LMP Automotive Holdings, Inc. will buy General Motors and Nissan dealerships in Texas, including the associated real estate, for $141 million, according to a press release.

Financing for the acquisition will come from a combination of cash on LMP’s balance sheet, $42 million in common stock and debt financing.

Sam Tawfik, LMP’s chief executive officer, stated about the acquisition, “This brings us a step closer to our goal of having approximately 100 dealerships in our network by the end of next year. We project these additions to our network have the potential to add approximately $5 billion in revenue, $229 million in adjusted EBITDA or $8.80 in adjusted EBITDA per share.”

LMP Automotive is an e-commerce and facilities-based platform to buy, sell, subscribe to or finance pre-owned and new automobiles and is based in Fort Lauderdale, Fla.

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