Group 1 Automotive Acquires Nine Franchises In UK For Undisclosed Sum

Group 1 Automotive Inc GPI has acquired nine franchises with the aim of expanding its business in the U.K.
The terms of the deal were not disclosed.
The dealerships are being acquired from the Robinsons Motor Group.
The operations will include brands offered by the Volkswagen Group and one Citroen dealership with major locations in Norwich, Peterborough, Lowestoft, and Ipswich.
The automotive retailer expects about $300 million annual revenue from the acquisition.
The deal brings Group 1’s total U.K. operation to 55 locations with 75 franchises representing 14 brands.
The company’s cash and equivalents totaled $82.9 million as of March 31, 2021.
Price action: GPI shares are trading lower by 4.66% at $152.07 on the last check Tuesday.

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