Penske Automotive Expands Presence in United Kingdom
Acquired Dealerships Expected to Contribute $500 Million in Annualized Revenue
Penske Automotive Group, an international automotive retailer, today announced that the Company has expanded its U.K. presence with the acquisition of the Isaac Agnew Group (www.agnewcars.com) of dealerships. The acquired dealerships are located in the city of Belfast, and towns of Portadown and Newtonabbey as
"This collection of dealerships has a strong legacy," said Penske Automotive Group Chairman Roger Penske. "The outstanding premium/luxury brand mix and leading market position of these dealerships provide an attractive entry point into this new market and complement our existing operations in the United Kingdom."
U.K. Managing Director Gerard Nieuwenhuys said, "We are excited to acquire the Agnew group of dealerships. The experienced management team, renovated facilities, and campus-style environment of the Belfast location, are a very good fit with existing operations in England and Scotland, providing us with an opportunity to leverage our existing scale in the United Kingdom. These brands are well-suited to the local market and provide us with an opportunity to grow our business."
The acquired dealerships are expected to contribute approximately $500 million in annualized revenue. Terms were not disclosed.
About Penske Automotive
Penske Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan, operates 336 retail automotive franchises, representing 42 different brands and 28 collision repair centers. Penske Automotive, which sells new and previously owned vehicles, finance and insurance products and replacement parts, and offers maintenance and repair services on all brands it represents, has 166 franchises in 17 states and Puerto Rico and 170 franchises located outside the United States, primarily in the United Kingdom. Penske Automotive is a member of the Fortune 500 and Russell 2000 and has approximately 15,000 employees.
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