Australia’s Autosports Group Ltd has acquired three New Zealand dealerships as part of an AU$63.6m ($70.4m) purchase.
The group is set to acquire Auckland City BMW Ltd, which comprises Auckland City BMW, Auckland Mini Garage, East Auckland BMW and Mini, and Rolls-Royce Motor Cars Auckland.
The $70.4m figure includes $55m for the business and approximately $15m for net assets. The acquisition will be completed by August 1.
It’s the group’s first purchase outside of Australia, where it owns five BMW dealerships and three Mini dealerships all spread across New South Wales and Victoria. It also owns Rolls-Royce’s Sydney dealership.
“It provides immediate scale as we enter the NZ luxury auto brands market enhancing the geographic diversity and reach of our business beyond Australia,” says Autosports CEO Nick Pagent.
“With its market-leading share in luxury brands – BMW, Mini and Rolls-Royce – Auckland City BMW will complement our existing business while continuing our growth strategy in the luxury market.”
Auckland City BMW Ltd managing director and dealer principal Ian Gibson will remain part of the business.
In a statement, Gibson said that he and Autosports Group share “a common absolute focus on outstanding service to our customers”.
“We are very excited about the benefits which will flow from joining the group,” Gibson added.
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