Benzinga | Jul 6, 2021 06:08AM EDT

Group 1 Automotive Acquires Nine Franchises In UK; Total annual Revenue Expected From Acquisition Is ~$300M

Group 1 Automotive, Inc. (NYSE:GPI),("Group 1" or the "Company"), an international, Fortune 500 automotive retailer, today announced the expansion of its U.K. operations with the acquisition of nine businesses northeast of London, primarily in the region of East Anglia. These operations represent the family of brands offered by the Volkswagen Group, along with one Citroen dealership with major locations in the cities of Norwich, Peterborough, Lowestoft and Ipswich. The dealerships are being acquired from the Robinsons Motor Group, which previously sold five Mercedes dealerships to the Company in 2018.

The total annual revenue expected from this acquisition is approximately $300M and will be driven by an Audi dealership in Norwich, along with Volkswagen brand operations in Norwich, Peterborough and Lowestoft. This action brings Group 1's total U.K. operation to a total of 55 locations with 75 franchises representing 14 total brands.

Group 1's President and Chief Executive Officer Earl Hesterberg stated, "We are pleased to further expand our strong relationship with the Volkswagen Group in the U.K. Our previous experience in these market areas has been very positive and we are confident that these businesses will contribute further growth to our U.K. operation."