Group 1 buys BMW, MINI, Cadillac dealerships in Texas.
M2 EQUITYBITES-November 12, 2013-Group 1 buys BMW, MINI, Cadillac dealerships in Texas(C)2013 M2 COMMUNICATIONS http://www.m2.com
12 November 2013 - US automotive retailer Group 1 Automotive Inc (NYSE:GPI) on Tuesday said it had bought dealerships Moritz BMW/MINI and Moritz Cadillac in Arlington, Texas, without disclosing the value of the deal.
The acquired businesses are estimated to generate annual revenues of USD200m (EUR149.4m), the buyer said. They will do business as BMW of Arlington, MINI of Arlington, and Cadillac of Arlington, in the greater Dallas/Fort Worth metropolitan area.
This area is among the fastest growing among the luxury automobile markets in the US, according to Group 1's president and CEO Earl J Hesterberg. In his comment, Hesterberg said the bought dealerships ensure a solid platform for the group to grow, while further enhancing its relationship with BMW of North America.
Group 1, which offers 33 brands of automobiles, owns and runs 144 dealerships, 182 franchises and 36 collision centres in the US, the UK and Brazil.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Nov 12, 2013|
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