Larry H. Miller dealership chain sells for $3.2B

DULUTH, Georgia  — Larry H. Miller Group of Cos., a Utah-based chain of 54 automotive dealerships in the Western United States, is being acquired by Georgia’s Asbury Automotive Group Inc. (NYSE: ABG) for $3.2 billion.

“This acquisition will further diversify our total portfolio mix and add approximately $5.7 billion in expected annualized revenues, which positions us well to execute our five-year plan to generate $20 billion in annual revenue by 2025,” Asbury CEO David Hult said in a prepared statement. “With these acquisitions, we will exceed our previously published five-year target for M&A within the first year of the plan.”

LHM, founded…