International automotive retail group Inchcape is acquiring the UK-based Lind Automotive Group Holdings and other properties from GM Dacre and Attly Investments.
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Lind is one of the largest independent automotive retailers in the UK with 21 retail centres representing BMW, Mini, Volkswagen, Audi, Honda, Land Rover and Mitsubishi in the counties of Norfolk, Suffolk, Essex and Kent.
“This sizeable acquisition enhances our geographic coverage in the South and East of England and further develops our existing partnerships with BMW, Mini, Volkswagen and Land Rover,” Inchcape said in a statement.
Once the deal completes, Inchcape will have what it said is the largest number of BMW and Mini outlets in the UK.
“The acquisition also renews our partnership in the UK with Audi and establishes an important new partnership with Honda. Both are brands that have demonstrated strong market share growth over the last 10 years,” the company added.
Inchcape Retail operating profits grew 41.9% in 2005.
The acquisition of 100.0% of the equity of Lind is for cash of £71.4m, plus the assumption of debt of £12.7m, together with £24.5m cash for properties outside Lind. The value of the gross assets acquired is £108.6m.
Turnover for the newly acquired business in the year ended 31 December 2005 was £395.6m. Operating profit was £7.1m.
Inchcape group chief executive André Lacroix said: “The purchase of Lind is an excellent strategic acquisition for Inchcape. It increases the scale of our UK retail activity both geographically and in terms of brand partners, bringing UK Retail revenues close to £2bn.”
