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.