Penske Automotive To Buy Rybrook Group With 15 Premium Dealerships In U.K.

(RTTNews) - Penske Automotive Group, Inc. (PAG), a transportation services company and automotive and commercial truck retailer, announced Monday that it has agreed to acquire premium dealer Rybrook Group Limited in the UK. The 15 premium dealerships to be acquired represent estimated annualized revenues of $1 billion.

Rybrook Group's premium dealerships consists of four BMW dealerships, four MINI dealerships, four Volvo dealerships, two Land Rover dealerships and one Porsche dealership. In addition, three of the BMW locations also retail BMW Motorrad motorcycles.

The company said it has received certain regulatory approvals.

The acquisition is expected to close in January 2024, subject to customary conditions. The deal is anticipated to be funded using its existing liquidity.

Darren Edwards, CEO of the Company's Sytner Group subsidiary in the U.K., said, "The Rybrook dealerships represent exceptional brands with a strong commitment to providing exceptional customer service."