Penske Automotive Group has entered into an agreement to acquire Kansas City Freightliner.
Penske says the acquisition is expected to generate $450 million in annualized revenue, building further scale within the company's wholly-owned Premier Truck Group subsidiary. Premier Truck Group currently operates 25 North American commercial truck dealerships located in Texas, Oklahoma, Tennessee, Georgia, Utah, Idaho and Ontario, Canada, which generate over $2 billion in annual revenue.
Acquiring KC Freightliner will add five full-service dealerships, four parts and service centers, and two collision centers located in Kansas and Missouri to its existing operations, the company says.
"We are thrilled to welcome Kansas City Freightliner to Premier Truck Group," says PTG President Richard Shearing. "With its contiguous operating area to existing Premier Truck Group markets, KC Freightliner is a natural extension of our existing business as we can offer an expanded service area to both our customer base and KCFL's existing customers.
"Upon completion of this transaction, our PTG business is expected to generate nearly 20,000 new and used unit sales annually and is expected to generate annual revenue of approximately $2.5 billion."
Penske says closing of the transaction is expected during the second quarter of 2021 and is subject to customary closing conditions.