Bloomfield Township-based Penske Automotive Group Inc. has agreed to acquire the dealerships of the Rybrook Group Limited in the United Kingdom. Terms of the deal were not disclosed.
Rybrook consists of 15 premium dealerships, including four BMW dealerships, four MINI stores, four Volvo locations, two Land Rover outlets, and one Porsche dealership. Additionally, three of the BMW locations also sell BMW Motorrad motorcycles.
“We are delighted to announce this transaction,” says Darren Edwards, CEO of the Rybrook’s Sytner Group subsidiary in the U.K. “The Rybrook dealerships represent exceptional brands with a strong commitment to providing exceptional customer service. We look forward to continuing this legacy and welcoming these franchises to our team.”
The dealerships to be acquired represent estimated annualized revenues of $1 billion. The acquisition is anticipated to be funded using the company’s existing liquidity and is expected to close in January 2024, subject to customary conditions.
