A.P. EAGERS BOLSTERS DEALERSHIPS WITH ACQUISITION
Written on the 6 May 2014
A.P. EAGERS Limited (ASX:APE) is set to acquire the motor trade operations of Craig Black Group for $35 million, subject to regulatory approvals.
The company turns over about $245 million each year, selling 4,100 vehicles and employing 280 staff members.The deal will be made up of a combination of cash and A.P. Eagers shares, expected to be earnings accretive in the second half of 201.
Craig Black started the company in 1983 with his wife Anne and has agreed to stay on as a consultant.APE CEO Martin Ward (pictured) says he is “delighted” that Black will continue as part of the team.
The business’ headquarters is in Dalby, with Toyota, Hyundai and Mitsubishi dealerships located around South West and Central Queensland.A Budget rental car franchise in Toowoomba and Boonarga fabrication and fitment business will also be included in the deal.
The acquisition is expected to be completed in August.