Penske Automotive Group, Inc., a diversified international transportation services company, announced that it has entered into an agreement to acquire Kansas City Freightliner, a retailer of medium and heavy-duty commercial trucks. The KCFL 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 twenty-five North American commercial truck dealerships located in Texas, Oklahoma, Tennessee, Georgia, Utah, Idaho and Ontario, Canada which generate over $2 billion in annual revenue. KCFL will add five full-service dealerships, four parts and service centers, and two collision centers located in Kansas and Missouri to its existing operations. Commenting on the acquisition, PTG President Richard Shearing said, “We are thrilled to welcome Kansas City Freightliner to Premier Truck Group. With its contiguous operating area to existing Premier Truck Group markets, KCFL 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.”
Closing of the transaction is expected during the second quarter of 2021 and is subject to customary closing conditions.