AutoCanada Inc. (TSX:ACQ)
Historical Stock Chart
1 Year : From Oct 2016 to Oct 2017
EDMONTON, April 11, 2017 /CNW/ - AutoCanada Inc., ("AutoCanada" or the "Company") (TSX: ACQ) one of Canada's largest multi-location automobile dealership groups, announced today that it has entered into an agreement to purchase all of the issued and outstanding shares of Mercedes-Benz Rive-Sud (the "Dealership") which has operated in the greater Montreal region for close to 50 years. The transaction is subject to customary closing conditions and approvals and is expected to close within 30 days.
The addition of Mercedes-Benz Rive-Sud increases AutoCanada's dealership count to 57, expands our brand offering to 20 and adds a top selling luxury brand. The acquisition is consistent with AutoCanada's strategy of adding new brands in metropolitan areas to further expand our dealer network and drive growth potential across major Canadian markets.
"We are honored to acquire this Dealership from the Leclair family and thrilled to extend our offering in the greater Montreal communities," stated Steven J. Landry, President & CEO of AutoCanada. "Mercedes-Benz Rive-Sud is a great facility located in an ideal location. Mercedes-Benz' innovative brand, known for its exciting vehicles, offers us a compelling growth opportunity that will enhance our brand mix."
"Mercedes-Benz is pleased to have AutoCanada join our family of retailers," said Brian D. Fulton, President & CEO of Mercedes-Benz Canada. "The Leclair Group has done a tremendous job of revitalizing our brand in a stunning state-of-the-art facility in Greenfield Park and its surroundings. With a strong and well-seasoned team in place, I am confident that the new owners, AutoCanada and Dealer Principal Anthony Taddeo, will continue to experience sustained success and growth at Mercedes-Benz Rive-Sud."
As part of the transaction AutoCanada will lease the Dealership lands, including a 112,643 square foot facility, 50 car showroom, and 28 service bays which house one of only three Mercedes-Benz approved collision centres in Quebec. In 2016 the Dealership retailed 1,270 new and used vehicles.
About AutoCanada Inc.
AutoCanada is one of Canada's largest multi-location automobile dealership groups, currently operating 56 franchised dealerships, comprised of 64 franchises, in eight provinces and has over 4,250 employees. AutoCanada currently sells Chrysler, Dodge, Jeep, Ram, FIAT, Chevrolet, GMC, Buick, Cadillac, Infiniti, Nissan, Hyundai, Subaru, Mitsubishi, Audi, Volkswagen, Kia, BMW and MINI branded vehicles. In 2016 with $2.9 billion revenue, our dealerships sold approximately 60,000 vehicles and processed approximately 864,000 service and collision repair orders in our 928 service bays.
Additional information about AutoCanada Inc. is available at www.sedar.com and the Company's website at www.autocan.ca.
SOURCE AutoCanada Inc.