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Penske Automotive Group Buys 15 UK Dealerships
Penske Automotive Group, Inc. (NYSE: PAG)* today announced that 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. Three of the BMW locations also retail BMW Motorrad motorcycles. 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.”**
“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,” said Darren Edwards, CEO of the Company’s Sytner Group subsidiary in the UK.
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*Penske Automotive Group (NYSE: PAG) with a head office in Bloomfield Hills, Michigan, is a diversified international transportation services company and a large automotive and commercial truck retailer. PAG operates dealerships in the United States, the United Kingdom, Canada, Germany, Italy, and Japan and is among the largest retailers of commercial trucks in North America for Freightliner. PAG also distributes and retails commercial vehicles, diesel and gas engines, power systems, and related parts and services mostly in Australia and New Zealand. PAG employs more than 28,000 people worldwide.
PAG also owns 28.9% of Penske Transportation Solutions (PTS), a business that employs over 44,000 people worldwide, manages what it describes as one of the largest, most comprehensive and modern trucking fleets in North America with more than 442,000 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts. PTS says it “provides innovative transportation, supply chain, and technology solutions to its customers.” PAG is a member of the Fortune 500, Russell 1000, and Russell 3000 indexes.
**Penske Automotive Group’s Form 10-K for the year ended 31 December 2022, its Form 10-Q for the quarterly periods ended March 31 March 2023, 30 June 2023, 30 September 2023, and its other filings with the Securities and Exchange Commission. The 8K of 11 Dec 2023 click here.