Total
0
Shares
Autosports spends $9M for Trivett Alexandria
  • 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.


Subscribe


ASG by the numbers
More From The Market Herald
Tourism & Leisure (ASX:ATL) - Managing Director & CEO, Luke Trouchet - The Market Herald

" Apollo Tourism & Leisure (ASX:ATL) navigates COVID-19 challenges

Apollo Tourism & Leisure (ATL) has outlined its latest measures to combat COVID-19’s impact on the company’s operations.
Digital Wine Ventures (ASX:DW8) - CEO, Dean Taylor - The Market Herald

" Digital Wine Ventures (ASX:DW8) sees 93pc growth in quarterly order volumes

Digital Wine Ventures’ (DW8) cloud-based technology platform, WINEDEPOT, has seen a 93 per cent increase in orders from the March quarter to the
Digital Wine Ventures (ASX:DW8) welcomes new customer and alcoholic kombucha producer

" Digital Wine Ventures (ASX:DW8) welcomes new customer and alcoholic kombucha producer

Digital Wine Ventures (DW8) has signed up a new customer and a new alcoholic kombucha producer.
Star Entertainment Group (ASX:SGR) casino patron tests positive for COVID-19

" Star Entertainment Group (ASX:SGR) casino patron tests positive for COVID-19

A patron at the Star Casino, part of The Star Entertainment Group (SGR), has tested positive for COVID-19.