Group 1 Automotive (GPI) Announces Acquisition of Two BMW/Mini Dealerships; Estimates $161.5M in Annual Revs
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Group 1 Automotive, Inc. (NYSE: GPI) today announced that it acquired two BMW/Mini dealerships in the Southeast region of England. The four franchises are expected to generate approximately $161.5 million in estimated annual revenues and will complement Group 1's three existing BMW/Mini dealerships in Hailsham, Brighton and Worthing.
The dealerships, Barons Farnborough and Barons Hindhead, are located approximately 25 miles southwest of London in the wealthy commuter belt of Surrey and Hampshire and are contiguous to Group 1's existing dealerships.
"The acquisition of these two, large BMW/Mini dealerships will more than double the size of our U.K. operations, significantly increasing Group 1's scale in the United Kingdom," said Earl Hesterberg, Group 1's president and chief executive officer. "We have been patiently looking for attractive growth opportunities in the United Kingdom and are very pleased with this acquisition. The Barons BMW/Mini dealerships are located in the same region as our existing dealerships and, with a strong regional management team already in place, the addition of these stores is an important step in expanding our U.K. footprint, which will now represent approximately five percent of Group 1's total sales."
The dealerships, Barons Farnborough and Barons Hindhead, are located approximately 25 miles southwest of London in the wealthy commuter belt of Surrey and Hampshire and are contiguous to Group 1's existing dealerships.
"The acquisition of these two, large BMW/Mini dealerships will more than double the size of our U.K. operations, significantly increasing Group 1's scale in the United Kingdom," said Earl Hesterberg, Group 1's president and chief executive officer. "We have been patiently looking for attractive growth opportunities in the United Kingdom and are very pleased with this acquisition. The Barons BMW/Mini dealerships are located in the same region as our existing dealerships and, with a strong regional management team already in place, the addition of these stores is an important step in expanding our U.K. footprint, which will now represent approximately five percent of Group 1's total sales."
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