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Penske Automotive Group to Expand Presence in the UK with Acquisition

December 12, 2023, 07:10 AM
Filed Under: Mergers & Acquisitions

Penske Automotive Group, Inc., one of the world's premier automotive and commercial truck retailers, announced it has agreed to acquire Rybrook Group Limited consisting of 15 premium dealerships in the United Kingdom, including four BMW dealerships, four MINI dealerships, four Volvo dealerships, two Land Rover dealerships and one Porsche dealership. Additionally, three of the BMW locations also retail BMW Motorrad motorcycles.

Commenting on the transaction, Darren Edwards, CEO of the company's Sytner Group subsidiary in the U.K., said, "We are delighted to announce this transaction. The Rybrook dealerships represent exceptional brands with a strong commitment to providing exceptional customer service. We look forward to continuing this legacy and welcoming these franchises to our team."

The dealerships to be acquired represent estimated annualized revenues of $1 billion. The company has received certain regulatory approvals. The acquisition is anticipated to be funded using the company's existing liquidity and is expected to close in January 2024, subject to customary conditions.

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