Penske Automotive acquires Isaac Agnew in UK
Penske Automotive Group, an automotive retailer, has acquired Isaac Agnew Group of dealerships in Northern Ireland in order to expand its presence in the UK.
The acquired dealerships are located in the city of Belfast and towns of Portadown and Newtonabbey, which are expected to contribute $500m in annualized revenue.
The dealerships in Belfast, Newtonabbey and Portadown include Volkswagen, Volvo, Suzuki, Porsche, Audi, Mercedes-Benz, and BMW/Mini franchises.
Penske Automotive Group chairman Roger Penske said the outstanding premium/luxury brand mix and leading market position of these dealerships provide an attractive entry point into this new market and complement its existing operations in the UK.
Penske UK managing director Gerard Nieuwenhuys said the experienced management team, renovated facilities and campus-style environment of the Belfast location, are a very good fit with existing operations in England and Scotland, providing them with an opportunity to leverageits existing scale in the UK.
"These brands are well-suited to the local market and provide them with an opportunity to grow its business," Nieuwenhuys said.
The company has not disclosed the financial terms of the deal.
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