17th Nov 2015 09:45
LONDON (Alliance News) - Automotive retail and leasing company Marshall Motor Holdings PLC on Tuesday said it has struck a GBP24.4 million cash deal to acquire SG Smith Holdings Ltd.
Marshall will retain GBP1.7 million of the acquisition consideration, which will be paid subject to SG Smith meeting performance conditions, the completion of certain property developments and the finalisation of accounts.
SG Smith is a new and used car dealer group based in Kent, Surrey and London. The deal will boost Marshall's current brand partner portfolio, including an expansion of its partnership with Audi.
"We are delighted to have acquired this long established, family run business and I am particularly pleased to welcome our new colleagues to the group. The acquisition is in line with our stated strategy to grow scale with existing brand partners and expand our geographic footprint," said Chief Executive Daksh Gupta.
Marshall Motor shares were up 2.0% to 173.4 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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