Dealer news: Penske closes deal to acquire U.K.’s Rybrook Group
Penske Automotive Group has completed its acquisition of United Kingdom-based Rybrook Group Limited, a deal that adds 15 premium dealerships to the Penske portfolio.
The deal includes four BMW dealerships — three of which also retail BMW Motorrad motorcycles — four MINI dealerships, four Volvo dealerships, two Land Rover dealerships and one Porsche dealership. Penske said the dealerships represent estimated annualized revenues of $1 billion.
“We are pleased to expand our brand footprint and increase our scale,” said Darren Edwards, CEO of Penske’s Sytner Group subsidiary in the U.K.
Penske announced its agreement to purchase the Rybrook Group last month.
Holman acquires NC dealer group
One of the nation’s largest privately-owned automotive businesses is now a lot larger.
Holman, which among its other enterprises operates 40 franchise dealerships nationwide, has reached an agreement to acquire Leith Automotive Group, owner of 30 dealerships in North Carolina.
According to Business North Carolina, Leith Automotive employs more than 2,000 people and has annual revenues of more than $1 billion. Last week, Vietnamese electric vehicle manufacturer VinFast announced Leith had signed on to become one of its first five U.S. dealers.
In a joint statement, Leith Automotive said the Leith brand and the company’s employees will be retained as part of the agreement.
“Over the past 56 years, the Leith family has built an incredible organization and a large, close-knit family of employee partners and Holman is committed to keeping the tradition of success moving forward,” the statement said. “This interfamily ownership transfer will be seamless to the Leith team, as well as to its large and loyal customer base, with the united Leith and Holman organization operating with shared best practices.”
Jim Price Chevrolet sale marks ‘end of an era’
Malloy Auto Group has acquired Jim Price Chevrolet in Charlottesville, Va., from Jim Price Auto Group, according to Kerrigan advisors, which represented the seller in the transaction.
Malloy, founded in 1992, operates seven dealerships in Virginia. Jim Price opened the Chevy dealership in 1968. His daughter, Sandra Price Amato, took over the operation in 2017.
“This sale of our Chevrolet dealership, the final of our three auto group franchises to sell, represents the end of an era, as well as a new beginning for the dealership and for our family,” Amato said.