The acquisition allows Group 1 to expand further within the UK and is expected to boost Group 1 by “2,800 new and used cars annually” and “generate US$105 million” (£83m) in “sales recorded as net revenue under the agency model”, according to the US firm.
Daryl Kenningham, Chief Executive Officer of Group 1 said: -
“We are delighted to expand our relationship with Mercedes-Benz while growing our operations in the UK. This brand is outstanding and our ability to add these dealerships to our portfolio is a very positive growth action and presents an opportunity to further drive profitable growth for our shareholders.”
The deal was managed by David Kendrick and his automotive team at UHY Hacker Young who represented L&L Automotive with the sale. David said: -
“It is very unique for a Mercedes market area to come available and the first time one has transacted since agency was introduced in 2023. A strong group that will be a great addition for Group 1 who are on a serious expansion journey in the UK now with the Inchcape deal likely to complete imminently also.”
