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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