UK (Commonwealth) _ Rybrook Group Limited, a group of 15 upscale dealerships in the UK with yearly sales of almost $1 billion, has agreed to be acquired by Penske Automotive Group, Inc.
Four BMW dealerships, four MINI dealerships, four Volvo dealerships, two Land Rover dealerships, and one Porsche shop are among the dealerships being purchased, according to a news statement from Penske. It was mentioned that BMW Motorrad bikes are also sold in three of the BMW stores.
Penske saw a natural match in the Rybrook dealerships because they are committed to providing excellent customer service and represent strong brands, according to Darren Edwards, CEO of the Sytner Group subsidiary in the United Kingdom.
According to the statement, which also stated that the transaction has already gained regulatory clearances and would be finalized in January, Edwards stated, “We look forward to continuing this legacy and welcoming these franchises to our team.”
Although no conditions were given, it is anticipated that the dealerships bring in $1 billion annually. The transaction is anticipated to be financed by available liquidity and to close in January.
One of the top retailers of cars and commercial trucks worldwide, Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services provider, announced today that it has reached an agreement to buy Rybrook Group Limited, which consists of 15 premium dealerships in the United Kingdom, including four BMW, four MINI, four Volvo, two Land Rover, and one Porsche dealership. Three BMW stores additionally sell BMW Motorrad bikes for sale.
The CEO of the company’s UK-based Sytner Group subsidiary, Darren Edwards, commented on the deal, stating that they are thrilled to announce it. The Rybrook dealerships are outstanding representatives of companies that are dedicated to provide outstanding customer service. We are excited to add these brands to our team and carry on this tradition.
An estimated $1 billion in yearly revenues are represented by the dealerships that will be bought. The Company has obtained a number of regulatory clearances. Subject to customary circumstances, the purchase is projected to close in January 2024 and is planned to be financed with the Company’s current cash.
One of the top sellers of cars and commercial trucks worldwide, Penske Automotive Group, Inc. is a multifaceted multinational transportation services provider with its headquarters located in Bloomfield Hills, Michigan. PAG is one of the biggest sellers of Freightliner commercial trucks in North America, with dealerships in the US, UK, Canada, Germany, Italy, and Japan.
Additionally, PAG sells and distributes power systems, diesel and gas engines, commercial vehicles, and associated parts and services, mostly in Australia and New Zealand. Over 28,000 individuals work with PAG globally.
PAG is included in the S&P 400 Mid Cap Index, Russell 1000, Russell 3000, and Fortune 500 indexes. Further details may be found in the company’s 2023 Corporate Responsibility Report, which highlights their ESG initiatives, operations, and specific KPIs.
The dealerships that are going to be bought, according to the corporation, are expected to bring in $1 billion annually. A few regulatory approvals are already in the works. It is anticipated that the transaction would conclude in January and be financed by Penske’s (PAG) current cash.
Penske Automotive Group (PAG) shares have up 32.2% so far this year. The car retailer’s Seeking Alpha Quant Rating is signaling Hold.
With its main office in Bloomfield Hills, Michigan, Penske Automotive Group, Inc. provides transportation services. Its operations include operating car and truck dealerships primarily in the US, Canada, and Western Europe; additionally, it distributes commercial vehicles, engines, power systems, and related parts and services primarily in Australia and New Zealand. Furthermore, Penske Transportation Solutions, which oversees a fleet of more than 400,000 trucks, tractors, and trailers, is owned by PAG to the tune of 28.9%.
