Inchcape acquires luxury Australian automotive group

Inchcape has agreed to acquire Trivett Automotive Group, a luxury vehicle company in Australia.

Inchcape has agreed to acquire Trivett Automotive Group, a luxury vehicle company in Australia.

The international automotive distributor and retailer will take over the company on March 1st for a total estimated cash consideration of £78m.

The deal is expected to strengthen Inchcape's position in the Australian market where the company has been operating since 1992.

Trivett sells 9,000 vehicles per year including premium brands - BMW, Jaguar, Land Rover, Volvo, Honda, Rolls-Royce, Bentley, Aston Martin and McLaren.

Revenue for the 2012 calendar year came to £390m and earnings before interest and tax reached £12m.

Trivett has 10 freehold properties in Sydney with a market value of £31m.

Inchcape said the strong Australian economy has driven growth in the automotive demand, particularly in metropolitan areas and mining territories.

Last year the new vehicle market grew a record 10% year-on-year to 1.1m units.

Andr Lacroix, Group Chief Executive of Inchcape, said: "This is a significant step in the development of our operations in Australasia, giving us the opportunity to build further scale with premium and luxury brands represented in high quality retail centres in Sydney.

"The transaction is in line with our strategy of expansion in Asia Pacific and Emerging Markets with luxury and premium brand partners. Trivett is a high quality operation and an excellent fit for Inchcape."

Inchcape shares rose 0.50% to 507.00p at 08:08 Wednesday.

RD

Recommended

The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
2 Feb 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
23 Jan 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023
Investing trends to watch out for in 2023: what analysts say
Investment strategy

Investing trends to watch out for in 2023: what analysts say

What are sensible strategies for high inflationary times? We ask analysts to find out.
22 Dec 2022

Most Popular

NS&I brings back one-year fixed bonds with highest rates since 2010
Personal finance

NS&I brings back one-year fixed bonds with highest rates since 2010

NS&I’s one-year fixed bonds are back on sale after being pulled off the market in 2019 - but is the rate any good?
1 Feb 2023
Bank of England raises interest rate to 4%
Economy

Bank of England raises interest rate to 4%

The Bank of England raised rates by 0.5%, marking the base rate’s 10th consecutive increase.
2 Feb 2023
When will interest rates go up?
UK Economy

When will interest rates go up?

Interest rates are now at 4%, and they could rise further in the months ahead.
3 Feb 2023