BLOOMFIELD HILLS, Mich. — Penske Automotive Group Inc., an international transportation services company, announced March 4 it has entered into an agreement to acquire Kansas City Freightliner (KCFL), a retailer of medium- and heavy-duty commercial trucks.
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.
Premier Truck Group (PTG) currently operates 25 commercial truck dealerships located Texas, Oklahoma, Tennessee, Georgia, Utah, Idaho and Ontario, Canada, which generate more than $2 billion in annual revenue.
The KCFL acquisition is expected to generate $450 million in annualized revenue, expanding the company’s PTG subsidiary.
“We are thrilled to welcome Kansas City Freightliner to Premier Truck Group,” said Richard Shearing, president of PTG.
“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,” he continued. “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.