RumbleON acquires Jacksonville-based powersports dealer » 07:1009/2009/20/21
RumbleOn, announced it…
RumbleOn, announced it has entered into an asset purchase agreement to acquire a Jacksonville-based powersports dealer with steady revenue growth and history of consistent profitability. The anticipated acquisition will support RumbleOn's continued growth by expanding the Company's footprint and strengthening its omnichannel strategy. The acquisition is subject to customary closing conditions and is expected to close early in the fourth quarter of 2021. RumbleOn's growth strategy includes consolidating the highly fragmented powersports industry to drive efficiency and improve the customer experience. Today's announcement marks what will be the Company's first acquisition since the close of its transformational business combination with RideNow on August 31. "Building a nationwide footprint of physical locations is a key element in creating an unparalleled customer experience no matter what portion of the transaction - buy, sell, trade or finance - is online or in a local dealership. Additions like this Jacksonville location demonstrate that we are focused on quickly executing on that strategy. We are seeing significant levels of interest from individual powersports dealers and dealer groups of all sizes, which is a clear indication of the appetite for consolidation in this industry," said Marshall Chesrown, RumbleOn's Chief Executive Officer. "We are excited for the opportunity to extend our physical presence in Jacksonville through this tuck-in acquisition, further expanding the nation's leading retail powersports brand, RideNow."
RumbleON initiated with an Outperform at Wedbush » 16:2009/1409/14/21
Wedbush analyst Seth…
Wedbush analyst Seth Basham initiated coverage of RumbleON with an Outperform rating and $55 price target. The powersports vehicle dealer and e-commerce platform is "disrupting the powersports supply chain" with its technology that aggregates, processes and distributes vehicles, said Basham. The "transformational" acquisition of RideNow, the largest powersports dealership group in the country, will allow RumbleON to create "the only omnichannel customer experience in powersports and the only publiclytraded powersports dealer group," Basham added.
|Over a week ago|
RumbleON files to sell 1.21M shares of Class B common stock for holders 17:3509/0309/03/21
RumbleON initiated with a Buy at B. Riley » 07:3909/0209/02/21
B. Riley analyst Eric…
B. Riley analyst Eric Wold initiated coverage of RumbleON with a Buy rating and $70 price target. Following the acquisition of RideNow Powersports, RumbleON is well positioned to gain market share within the $100B-plus powersports vehicle industry, Wold tells investors in a research note. The analyst also believes the RumbleOn platform can provide the company with a strategic advantage in identifying attractive acquisition candidates.
RumbleON initiated with an Outperform at Baird » 06:3509/0209/02/21
Baird analyst Craig…
Baird analyst Craig Kennison initiated coverage of RumbleON with an Outperform rating and $42 price target. Following the acquisition of RideNow, RumbleOn will become the largest retailer and first omnichannel in powersports and he sees an opportunity to rapidly consolidate powersports retailers under an experienced management team, Kennison tells investors.
RumbleON 4.39M share Secondary priced at $33.00 » 07:0608/2608/26/21
The deal size was…
The deal size was increased to $145M from $135M and priced below last closing price of $33.70. B. Riley and Baird are acting as joint book running managers for the offering.
RumbleON announces offering of Class B common stock, no amount given » 16:3008/2508/25/21
RumbleOn announced that…
RumbleOn announced that it is proposing to offer and sell, subject to market conditions, shares of its Class B common stock in an underwritten public offering. B. Riley Securities and Baird are acting as joint book-runners for the proposed offering. D.A. Davidson & Co. and Wedbush Securities are acting as co-managers for the proposed offering.
|Over a month ago|
RumbleON names Matthew McCartin chief marketing officer » 16:0808/1808/18/21
RumbleOn announced a…
RumbleOn announced a strategic hire to its executive leadership team, Matthew McCartin as Chief Marketing Officer. McCartin will report to RumbleOn's CEO Marshall Chesrown, effective September 7, 2021. "As we prepare for closing our business combination with RideNow we are thrilled to welcome Matthew to our leadership team," commented Marshall Chesrown, RumbleOn's Chairman and Chief Executive Officer. "Matthew brings robust marketing expertise to RumbleOn. He has held a number of key leadership roles throughout his impressive career, including roles with iconic and lifestyle brands, multinational companies and leaders in omnichannel distribution strategies. His experience in building brand awareness through multiple subcultures of consumers around the world will be key for RumbleOn as we become dominant in the powersports market worldwide. We are confident Matthew will make an immediate impact on our business as we enter this exciting phase of growth by creating the first omnichannel in powersports."
RumbleON names Michael Francis as General Counsel » 07:3506/2206/22/21
RumbleOn announced that…
RumbleOn announced that Michael Francis, a seasoned legal professional and the Company's outside counsel, will be joining RumbleOn as General Counsel. Michael has worked with RumbleOn from the beginning, leading the Company's outside legal team at Akerman LLP. Michael has a long history working with RumbleOn's management team, and was a trusted legal advisor to the Company's late CFO, Steve Berrard, for nearly 25 years. Michael began and built his professional career working with and learning from Mr. Berrard, starting as a young associate helping AutoNation build a dominant national brand through dealership acquisitions and through its spinoff of Republic Services. Michael continued his work with Mr. Berrard, contributing to the growth of Blockbuster and Jamba Juice. Later Michael took the reins as Steve's outside counsel through many other business endeavors over the years, leading up to his work with Steve at RumbleOn from inception through today.
|Over a quarter ago|
Wall Street in Fives - Must Read Lists for Monday » 16:2706/2106/21/21
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