Irving-based RumbleOn Inc., an e-commerce platform for new and used motorcycles, has agreed to acquire motor-sports dealership chain RideNow Powersports, according to people with knowledge of the matter.
The combined entity would have an enterprise value of about $850 million in the transaction, which could be announced as soon as next week, said one of the people, who asked not to be identified because the information was private.
As part of the combination, RumbleOn, advised by B. Riley Financial Inc., has secured a $280 million commitment from Oaktree Capital that could be increased, the person said. The company will use that funding to provide clients with vehicle financing and to make smaller acquisitions, the person said.
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