Nowadays is the date that the deal between The us’s Lithia and Driveway and AM100 broker crew Pendragon is because of entire, leaving Lithia in control of just about 200 franchised dealerships in the United Kingdom.
The purchase will see Lithia take possession of Pendragon’s motor retail companies, which vary from Stratstone and Evans Halshaw franchised dealerships to Evans Halshaw Carstore used automobile supermarkets. Pendragon PLC will proceed below the brand new guise of Pinewood Applied sciences, its automobile tool arm.
Lithia already has simply over 50 franchised retailers in the United Kingdom in its Jardine Motors trade, which it bought in 2022. The Pendragon acquisition will upload 137 franchised retailers plus nearly a dozen Carstore automobile supermarkets, in keeping with the 2023 AM100 figures.
With regards to blended turnover, Lithia’s UK trade is anticipated to be showed within the subsequent AM100 analysis as the United Kingdom’s 2nd biggest motor store, in the back of Sytner however leapfrogging Arnold Clark.
Pinewood Applied sciences will input a strategic partnership with a completely owned subsidiary of Lithia Motors, to provide a foothold for the Pinewood broker control machine in North The us.
Following crowning glory of the transaction, Pendragon confirms its aim to go back a money quantity identical to roughly 24.5 pence consistent with unusual percentage to shareholders by the use of a unique dividend which is now anticipated to be paid in Q1/Q2 2024.
The PLC’s leader govt Invoice Berman and the board of Pinewood Applied sciences can be joined through two Lithia executives: Chris Holzshu, leader working officer, and George Hines, leader era officer, in non-executive director roles.
Mark Willis will step down as director and leader monetary officer of the Pinewood Applied sciences and his successor can be Oliver Mann.
Lithia was embroiled in a bidding battle for Pendragon remaining autumn, as its preliminary be offering attracted counter-offers from in a foreign country opponents Hedin and Penske, and in the long run Lithia larger its acquisition be offering for Pendragon through 42%, some other £117 million, taking the quantity being presented for all its Stratstone, Evans Halshaw, Carstore and PVM motor companies as much as £397 million.