RumbleOn has announced it has entered into a definitive agreement to acquire Freedom Powersports, including the business and powersports dealerships operated at 13 locations in Texas, Georgia and Alabama.
Powersports Business previously spoke with Freedom Powersports owner Kevin Lackey about its goals for the future when the company was expanding.
According to the announcement, the addition of Freedom Powersports will expand RumbleOn's national presence to more than 55 locations. The anticipated acquisition supports RumbleOn's growth strategy by expanding and strengthening its omnichannel offering. The acquisition is subject to customary closing conditions and is expected to close in late 2021 or early 2022.
"We are excited about the outstanding business Kevin, Tom, and the Freedom team have built and we look forward to Freedom joining the RumbleOn team. We are well aware of the benefits of adding 13 exceptional locations representing 15 leading manufacturers to further strengthen our omnichannel offering," said Marshall Chesrown, RumbleOn's CEO, in the announcement. "We remain confident in our ability to transform the highly fragmented powersports industry, to drive efficiencies in the marketplace, and to improve the customer experience. We expect Freedom to be accretive to our performance on day one without raising equity capital to fund cash consideration."