Inchcape PLC Distribution acquisition and update on disposals (9463Z)
16 Enero 2020 - 1:00AM
UK Regulatory
TIDMINCH
RNS Number : 9463Z
Inchcape PLC
16 January 2020
Acquisition of Mercedes-Benz Passenger car and private vans
Distribution in Colombia;
Update on Disposals
Further highlights meaningful strategic progress
Inchcape plc ("Inchcape" or the "Group"), the leading
independent multi-brand Automotive distributor with global scale,
has agreed to acquire Daimler's Mercedes-Benz passenger car and
private vans distribution operations in Colombia, currently
operated by Daimler Colombia S.A. The transaction enterprise value,
which is undisclosed, represents approximately 8x 2019E EV/EBIT.
This follows the announcement made on 7(th) November 2019 that
Inchcape has agreed to acquire Autolider, the distributor of
certain Daimler brands such as Mercedes-Benz passenger and
commercial vehicles, Freightliner and Fuso in Uruguay and
Mercedes-Benz passenger and commercial vehicles in Ecuador. The
purchase of these businesses represents a strategic transformation
of Inchcape's partnership with Daimler to include distribution
contracts after a 30-year Retail-only partnership, a further
milestone for Inchcape's OEM Partner of Choice strategy. Together
these acquisitions have enabled us to create a scale regional
platform with Daimler.
In Colombia, where Inchcape has operated since 2016, Inchcape
will become the Mercedes-Benz distributor of passenger cars and
private vans, adding to its Subaru, Hino and JLR operations. This
acquisition further enhances the LatAm platform which has grown
from operating BMW in two markets to now representing BMW,
Mercedes-Benz, Hino, Subaru, Suzuki and JLR, as well as
Freightliner, Fuso and a range of Chinese OEMs, in eight markets
across the region.
This acquisition represents Inchcape's 12th Distribution
business win since 2016 and highlights the compelling proposition
Inchcape can provide to OEM partners. It follows the Retail-only
disposals announced this year which will generate c.GBP250m of
proceeds on completion. The focus on our core Distribution
capabilities and the disciplined allocation of capital are
consistent with Inchcape's strategy of long-term sustainable
growth.
Recent transaction updates
Below we provide an update on the completion dates relating to
the recent strategic transactions.
-- Australia retail site disposals announced 11(th) September 2019 completed on 2 December 2019
-- China retail disposal announced 2(nd) October 2019 completed on 12 December 2019
-- IFS (UK) disposal announced on 10(th) October 2019 completed on 31 December 2019
-- Acquisition of Autolider announced on 7(th) November 2019 completed on 2 December 2019
Ends.
Enquiries
Group Communications, Inchcape plc +44 (0) 20 7546 0022
Investor Relations, Inchcape plc +44 (0) 20 7546 8225
Financial PR, Instinctif (Mark Garraway) +44 (0)7771 860 938
About Inchcape
Inchcape is the leading independent multi-brand Automotive
Distributor and Retailer, operating in 32 markets with a portfolio
of the world's leading car brands. Inchcape has diversified
multi-channel revenue streams including sale of new and used
vehicles, parts, service, finance and insurance. The Company has
been listed on the London Stock Exchange since 1958, is
headquartered in London and employs around 18,600 people.
Inchcape has a multi-layered growth story, with our highly cash
generative and attractive Distribution business at its core.
Together with the company's Ignite strategy which focuses on
business optimisation initiatives, new contract opportunities, as
well as capitalisation of future industry trends, Inchcape can
deliver growth for shareholders through organic progress,
consolidation and cash returns.
www.inchcape.com
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to differ materially from such estimates, projections and
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achievement or reasonableness of any forward-looking statements
discussed in this document. This document is delivered as at the
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