- Autosports Group has bought Trivett in Alexandria for around $9 million
- Trivett Alexandia is made up of six luxury and super lux car dealerships
- The brands represented are Jaguar, Land Rover, Rolls Royce, McLaren, Bentley and Aston Martin.
- In the last financial year, Trivett Alexandria made $200 million in revenue.
- Autosports Group is up 7.98 per cent, trading for $1.76 per share at 13:19 AEDT
Autosports has signed a $9 million agreement to buy rival automotive dealership Trivett in Alexandria.
Trivett Alexandria sells six luxury and super luxury brands, meaning Autosport Group, which represents the likes of Lamborghini and Mercedes-Benz, will now have Jaguar, Land Rover, Rolls Royce, McLaren, Bentley and Aston Martin cars in its showrooms.
Autosports Group is Australia's largest prestige and luxury automotive dealership group, with 37 retailers in Sydney, Melbourne and Brisbane. Trivett's retailers are importantly in the same cities.
“The Trivett Alexandria assets are a perfect strategic fit for Autosports Group and meet all of our acquisition criteria. In addition to being financially attractive, the acquisition significantly expands our brand representation in key East Coast markets," said Autosports Group CEO Nick Pagent.
In the 2019 financial year, Trivett Alexandria recorded $200 million of revenue.
The price of the acquisition is approximately $9m, including goodwill and fixed assets which will be cash funded by Autosports Group.
"We are looking forward to developing our relationship with the respective OEMs (Original Equipment Manufacturer) in these important markets and we thank each of them for their collaborative approach to the acquisition,” said Mr Pagent.
The acquisition is on the condition of OEM approval, landlord consent, bailment financing for stock and subleasing and shared services arrangements.
Autosports Group is up 7.98 per cent, trading for $1.76 per share at 13:19 AEDT.