Penske purchase expands presence in UK
Penske Automotive Group’s presence in the U.K. widened considerably Monday with an agreement to acquire Rybrook Group Limited.
The acquisition includes Rybrook’s 15 premium-brand dealerships in the U.K.: four BMW dealerships, four MINI dealerships, four Volvo dealerships, two Land Rover dealerships and one Porsche dealership. Three of the BMW locations also retail BMW Motorrad motorcycles.
Penske said the dealerships generate combined estimated annualized revenues of $1 billion. The company said the acquisition, which it expects to fund using its existing liquidity, is expected to close in January.
“The Rybrook dealerships represent exceptional brands with a strong commitment to providing exceptional customer service,” said Darren Edwards, CEO of Penske’s Sytner Group subsidiary in the U.K. “We look forward to continuing this legacy and welcoming these franchises to our team.”