Penske Automotive Group PAG has made a significant move to expand its presence in the U.K. by acquiring Rybrook Group Limited, which consists of 15 high-end dealerships across the U.K. Terms were not disclosesd.
This acquisition marks a noteworthy expansion for Penske Automotive Group, encompassing four BMW and MINI dealerships each, four Volvo dealerships, two Land Rover dealerships, and one Porsche dealership. Adding to the diversity, three BMW locations are also involved in the retail of BMW Motorrad motorcycles.
The 15 dealerships together are estimated to contribute an annualized revenue of around $1 billion.
Penske plans to fund this acquisition through its existing liquidity and is expected to close in January 2024, subject to customary conditions.
PAG held $104.4 million in cash and equivalents as of September 30, 2023.
Price Action: PAG shares closed lower by 0.07% at $150.26 on Friday.
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