Group 1 closes deal to ‘effectively double’ its UK presence
Group 1 Automotive’s presence in the United Kingdom just got a whole lot larger.
The auto retail giant closed on its acquisition of Inchcape Retail’s automotive operations, which include 54 dealership locations in England and Wales.
The $439 million cash deal, which was agreed to in April, raises Group 1’s U.K. holdings to 113 dealerships. In all, the company operates 260 dealerships in the U.S. and U.K.
Group 1 said the new additions are expected to generate $2.7 billion in annual revenues, which brings the company’s total acquired revenues to $3.8 billion during 2024.
“This transformative acquisition effectively doubles our U.K. footprint, giving us access to new markets throughout England with a collection of outstanding brands,” Group 1 president and CEO Daryl Kenningham said in a news release.
The acquisition expands Group 1’s footprint to new areas, including the Midlands, the Northwest of England and Wales, and expands its brand offerings in the U.K. The dealerships represent Audi, BMW/MINI, Jaguar Land Rover, Lexus, Mercedes-Benz/smart, Porsche, Toyota, Volkswagen and Volkswagen commercial vehicles.
“Inchcape Retail and its team bring a 50-year reputation to Group 1’s U.K. presence,” Group 1 senior vice president and chief financial officer Daniel McHenry said. “This strategic acquisition is aligned with our capital allocation strategy, which enables us to identify opportunities that create additional scale and value for our shareholders.”