Penske Automotive Group Inc., headquartered in Bloomfield Township, has acquired three BMW Mini dealerships and a collision center in the United Kingdom. Terms of the transaction were not disclosed.
The acquired dealerships are located in South East England, north of London, complementing the existing 32 BMW Mini franchises operated by the company in the U.K. market.
“I am pleased to announce that we have expanded our relationship with the BMW and Mini brands in the U.K.,” says Darren Edwards, CEO of the Sytner Group, which is owned by Penske Corp. “The acquisition of these dealerships enhances our position as the largest retail partner for the BMW and Mini brands in the U.K. and provides an opportunity for our business to build additional scale in this important market. We welcome these new businesses to our team.”
This acquisition is expected generate $250 million in annualized revenues for Penske Automotive Group and was funded using existing capacity under the company’s U.K.-based credit agreement. Year-to-date 2022, Penske Automotive Group has added approximately $550 million in annualized revenue through acquisitions and open points.
Penske Automotive is a diversified international transportation services company and one of the world’s premier automotive and commercial truck retailers.