Eager Automotive completes investment in CanadaOne
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The news: Motor vehicle distributor Eagers Automotive has completed its acquisition of a 65% stake in CanadaOne Auto.
The context: As part of the investment, CanadaOne Auto founder Pat Priestner will exercise his option to acquire a 5% interest in easyauto123, joining Mitsubishi and Eagers Automotive as a shareholder. The company expects the acquisition to complete by the end of May.
The company said the consolidated group represents pro forma revenue of $18.7 billion, $968.6 million in EBITDA and $671.9 million in profit before tax.
What they said: “Completion of the strategic investment in CanadaOne is a defining milestone for Eagers Automotive and the beginning of an exciting new chapter for both companies,” Automotive CEO Keith Thornton said.
“Collaboration between the two teams over recent months has us well-placed for pursuing operational best practice and strategic growth opportunities in the North American market,” he added.
The source: ASX
