ASG Melbourne Pty Ltd, a wholly owned subsidiary of Autosports Group Limited (ASG), has entered into an agreement with Baldacchino 888 Prestige Autohaus Pty Ltd to purchase the businesses operating as Canterbury BMW.
The transaction is subject to a number of conditions prior to completion, including approval of bailment facilities and approval from the landlord to transfer of the leases. Subject to the conditions being met, the transaction is expected to complete in April 2018.
Canterbury BMW achieved revenues of approximately $85M for the year ended 30 June 2017. It operates from fully brand compliant leasehold premises in Canterbury Road, Canterbury, NSW.
The consideration is approximately $15.6M plus fixed assets at valuation plus or minus industry standard adjustments. The acquisition will be funded by a combination of cash drawn from reserves and new debt facilities.
This acquisition provides the opportunity for ASG to further consolidate its representation with the luxury brand of BMW. Furthermore, it extends ASG’s BMW representation into the Sydney market to complement its Melbourne BMW businesses in Doncaster, Bundoora, Southbank and Kingsway.
The advice given by Kalkine Pty Ltd and provided on this website is general information only and it does not take into account your investment objectives, financial situation or needs. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. Kalkine.com.au and associated websites are published by Kalkine Pty Ltd ABN 34 154 808 312 (Australian Financial Services License Number 425376). The information on this website has been prepared from a wide variety of sources, which Kalkine Pty Ltd, to the best of its knowledge and belief, considers accurate. You should make your own enquiries about any investments and we strongly suggest you seek advice before acting upon any recommendation. Kalkine Pty Ltd has made every effort to ensure the reliability of information contained in its newsletters and websites. All information represents our views at the date of publication and may change without notice. To the extent permitted by law, Kalkine Pty Ltd excludes all liability for any loss or damage arising from the use of this website and any information published (including any indirect or consequential loss, any data loss or data corruption). If the law prohibits this exclusion, Kalkine Pty Ltd hereby limits its liability, to the extent permitted by law to the resupply of services. There may be a product disclosure statement or other offer document for the securities and financial products we write about in Kalkine Reports. You should obtain a copy of the product disclosure statement or offer document before making any decision about whether to acquire the security or product. The link to our Terms & Conditions has been provided please go through them and also have a read of the Financial Services Guide. On the date of publishing this report (mentioned on the website), employees and/or associates of Kalkine Pty Ltd do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations.