Inchcape plc, (LON:INCH), the leading global automotive distributor, has announced that it has completed the acquisition of the ITC Group, owner of Interamericana Trading Corporation (ITC) and Simpson Motors from the Simpson Group.
The acquisition expands Inchcape’s global footprint with entry into the Caribbean, further building on its presence in the Americas. The addition of ITC and Simpson Motors strengthens the Group’s geographic reach with Suzuki, Mercedes-Benz and Subaru, and broadens its OEM relationships, with the addition of Chrysler to its list of brand partners.
The acquired businesses are expected to add c.£120m of annualised revenue, and will be accretive to Group margins.
ITC adds leading distribution operations in the Caribbean region across over 30 territories – including Jamaica, Guadeloupe, Trinidad and Tobago and Martinique. It distributes vehicles for Suzuki, Mercedes-Benz and Stellantis via a network of c.50 dealers – the majority of which are independent.
Simpson Motors provides vertically integrated automotive retail led through a large dealership site. The business distributes passenger vehicles for Suzuki, Mercedes-Benz, Stellantis and Subaru, as well as commercial vehicles for Isuzu, Fuso, JCB and John Deere.
Duncan Tait, Group CEO of Inchcape, commented:
“We welcome the fantastic talent and expertise of ITC and Simpson Motors to the Inchcape family and look forward to building on the exciting opportunity for the Group in the Caribbean. The Americas & Africa is our fastest growing region, with the addition of ITC and Simpsons further bolstering our distribution and OEM partnerships as we deliver on our Accelerate strategy.”
Sir Kyffin Simpson, Founder of Simpson Group, said:
“In the 50th anniversary year of our Group’s foundation, I am delighted that Inchcape, a global business built on a strong foundation of heritage and values, will take Simpson Motors and ITC into the future. It is exciting to know that our people will be able to leverage the strength that comes from a regional and international network of partnerships, and that this will open great opportunities for growth and expansion. I would like to wish Inchcape, our dealer partners and all my colleagues at SML and ITC the very best for the future.”
