Inchcape expands its distribution footprint into the Caribbean

Inchcape plc, (LON:INCH), the leading independent global automotive distributor, has announced an agreement to acquire Interamericana Trading Corporation (ITC) and Simpson Motors from the Simpson Group.

The deal will expand Inchcape’s global footprint with entry into the Caribbean, further building on its presence in the Americas. It will also strengthen the Group’s geographic reach with Suzuki, Mercedes-Benz and Subaru, and broaden 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. The transaction remains subject to customary conditions, including receipt of local regulatory approvals, with completion anticipated in H1 2022.

Duncan Tait, Group CEO of Inchcape, commented:

“We are pleased to announce an agreement to further expand our distribution footprint in the Americas, with entry into the Caribbean. This acquisition is a good example of our Accelerate strategy in action; leveraging our global distribution leadership to expand into new markets with both existing and new OEM partners.

As we detailed at our Capital Markets Day, automotive distribution is highly fragmented, and there is a huge landscape of opportunity for Inchcape to drive consolidation. The combination of our leading global position, our digital and data capabilities, and our strong financial position, means we are well-placed to accelerate our growth ambition.”

Click to view all articles for the EPIC: ,
Or click to view the full company profile:
    Facebook
    Twitter
    LinkedIn
    Inchcape

    More articles like this

    Guild Esports sign two-year gaming chair sponsorship with Razer

    Guild Esports plc (LON:GILD; OTCQB: GULDF), a global teams organisation and lifestyle brand, has welcome Razer as the Company’s Official Gaming Chair Partner with the signing of a two-year global sponsorship deal. The total contract value, which

    Redde Northgate trading ahead of expectations

    Redde Northgate plc (LON:REDD), the leading integrated mobility solutions platform providing services across the vehicle lifecycle, has announced a trading update for the year ended 30 April 2022, ahead of its results for the year scheduled

    Inchcape

    Inchcape update on Russian operations

    Inchcape plc (LON:INCH) is deeply saddened by the ongoing conflict in Ukraine and the enormous humanitarian impact on all those affected. We share the hopes of the world for a peaceful resolution. In light of the current

    STRIX GROUP PLC ORD 1P

    Strix Group to conduct investor presentation on 31st March 2022

    Strix Group plc (LON:KETL), the global leader in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components will be conducting an investor presentation covering their Full Year results to the period

    City of London Investment Group plc

    City of London Investment Group Barry Olliff increases holding

    City of London Investment Group plc (LON:CLIG), a leading specialist asset management group offering a range of institutional and retail products investing primarily in closed-end funds, stated that it has been notified that Stable View III LP,

    CentralNic

    CentralNic Group continue to beat expectations (Analyst Interview)

    CentralNic Group Plc (LON:CNIC) is the topic of conversation when Bob Liao Director and Research Analyst at Zeus Capital joins DirectorsTalk Interviews. Bob provides us with an overview of VGL, explains how the acquisition fits in with CentalNic’s business,

    Guild Esports wins fifth major trophy

    Guild Esports plc (LON:GILD; OTCQB: GULDF), a global team organisation and lifestyle brand, has announced that it has won its fifth major trophy after its Fortnite pro-player, Henrik Mclean (‘Hen’), achieved first place in the prestigious Fortnite

    Oncimmune signs new commercial follow-on contract 

    Oncimmune Holdings plc (LON:ONC), the leading global immunodiagnostics group, has announced the signing of a new commercial follow-on contract with a world-leading medical research organisation based in the US, to validate the findings from a previous