FORT LAUDERDALE, FL , Aug. 09, 2021 (GLOBE NEWSWIRE) -- LMP Automotive Holdings, Inc. (NASDAQ: LMPX), an e-commerce and facilities-based automotive retailer in the United States, today announced its entry into a definitive acquisition agreement for a Kia dealership in New York, generating approximately $82 million in annualized revenue and $2 .7 million in adjusted EBITDA.

• Expected to close in the fourth quarter of this year.

• Purchase price of approximately $14 million for goodwill expected to be funded through a combination of cash on LMP’s balance sheet, up to $5 million in common stock and debt financing.

• Expected to add approximately $2.7 million in adjusted EBITDA or $0.26 per share in 2022.

Richard Aldahan, LMP’s Chief Operating Officer, stated, “This acquisition will further expand 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.”

Sam Tawfik, LMP’s Chief Executive Officer, stated, “This acquisition, combined with our previously announced acquisitions, would bring LMP’s total franchise and dealership count to 27 and 23, respectively, with consolidated annualized revenue, adjusted EBITDA and adjusted EBITDA per share run rate expected to be approximately $1.4 billion, $88 million, and $8.04, respectively.”

ABOUT LMP AUTOMOTIVE HOLDINGS, INC.
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) is a growth company with a long-term plan to profitably consolidate and partner with automotive dealership groups in the United States. We offer a wide array of products and services fulfilling the entire vehicle ownership lifecycle, including new and used vehicles, finance and insurance products and automotive repair and maintenance.

Our proprietary e-commerce technology and strategy are designed to disrupt the industry by leveraging our experienced teams, growing selection of owned inventories and physical logistics network. We seek to provide customers with a seamless experience both online and in person. Our physical logistics network enables us to provide convenient free delivery points for customers and provide services throughout the entire ownership life cycle. We use digital technologies to lower our customer acquisition costs, achieve operational efficiencies, and generate additional revenues. Our unique growth model generates significant cash flows, which funds our innovation and expansion into new geographical markets, along with strategically building out dealership networks, creating personal transportation solutions that consumers desire.