Holland & Knight LLP advised Lithia Motors & Driveway on the deal.
Lithia Motors & Driveway (NYSE: LAD), a leading provider of personal transportation solutions in the United States, announced its acquisition of The Suburban Collection, a leader in the Midwest automotive retailing sector. The deal closed on April 12.
The acquisition includes all 56 Suburban Collection franchises, the largest number of franchises ever sold in a single transaction. Lithia expects that it will add $2.4 billion in annualized revenues. The company has now completed six of the eight largest acquisitions in the industry.
The Medford, Oregon-based Lithia provides a wide array of products throughout the entire lifecycle of the consumer’s vehicle ownership experience. It is among the fastest growing companies in the Fortune 500. Suburban Motors, headquartered in Troy, Michigan, was founded in 1948 as a single Oldsmobile dealership. It has grown to more than 34 locations, with 2,250 team members representing 33 brands.
The Holland & Knight team was led by Partners Stephen Dietrich (Picture), Sarah Seedig and Karl Lott.
Law Firms: Holland & Knight;
Clients: Lithia Motors & Driveway;