Autosports Group Limited has entered into an agreement to acquire the business and assets of Motorline BMW, Motorline Mini, Motorline Bodyshop, Gold Coast BMW and Gold Coast Mini.
The Motorline Businesses are privately owned by Eastcoast Automotive (QLD) Pty Ltd, Eastcoast Asset Services Pty Ltd, Service Master (Aust) Pty Ltd and Motorline Bodyshop Pty Ltd.
The $60m purchase of goodwill, plant and equipment is subject to usual adjustments. It is intended to be funded by a combination of cash reserves and a debt facility.
“Having only recently expanded our partnership with BMW Group in New Zealand with our acquisition of Auckland City BMW, securing the Motorline and Gold Coast BMW/Mini dealerships scales up our representation of BMW and Mini,” Autosports Group chief executive Nick Pagent says.
The transaction aligns with our strategy of representing luxury brands in key metropolitan areas.”
Motorline BMW, Mini and Bodyshop are located in Logan City, approximately 23km south of the Brisbane CBD. This dealership is undergoing a facility upgrade to bring it in line with the latest BMW corporate identity, similar to Autosports Group’s recent Melbourne BMW Kings Way upgrade.
The Gold Coast BMW dealership represents the BMW brand on the Gold Coast and Northern NSW region. The Motorline Bodyshop also provides an additional complementary revenue stream to the core South Brisbane and Gold Coast dealerships.
The Motorline Businesses’ revenue for FY22 was approximately $261m and net profit before tax was approximately $12m.
Completion is scheduled for January 31, 2023 subject to obtaining BMW Group, financier and lessor consents, obtaining a QLD motor dealer licence, the release of encumbrances and finalising the fit-out costs for the facility upgrade.
Autosports Group says it has also completed legal and financial due diligence in relation to the transaction.
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