AHG buys Paceway Mitsubishi
Automotive Holdings Group has bought the Paceway Mitsubishi dealership at Osborne Park, along with a Brisbane dealership, for a total of $5 million.
Managing director Bronte Howson described the acquisitions as further opportunities to grow the group's portfolio of brands in Queensland while further strengthening its dominant position in WA.
"The Brisbane acquisition increases our Queensland dealership portfolio and is located close to our existing Aspley retail automotive hub, which houses Holden, HSV, Mitsubishi, Hyundai and Suzuki dealerships," he said.
"Paceway Mitsubishi is an iconic dealership, established in the 1970s and located in Perth's premier automotive retail hub along Scarborough Beach Road and very close to nine other AHG dealerships in Osborne Park."
Both acquisitions are expected to be earnings per share accretive immediately and will take AHG's network to 173 franchises at 97 dealership locations across Australia and New Zealand.
The Apsley dealership includes the Chrysler, Jeep, Dodge, Alfa Romeo and Fiat makes.
AHG shares closed steady at $4.20.
