Vertu Motors has increased its presence in the premium auto retail market with the acquisition of Sigma Holdings, which through subsidiary Greenoaks operates Mercedes-Benz, AMG and Smart franchises. The deal, which was for a total cash consideration of £21.9m, sees Vertu acquire retail sites in Reading, Ascot and Slough.
Commenting on the deal, Robert Forrester, CEO of Vertu Motors said: “We are delighted to announce the introduction of Mercedes-Benz to the Group, which is a significant further step in the growth of our premium business.”
“The Greenoaks business has operated in the Thames Valley for over 30 years, is well established in this attractive market area and brings three high quality freehold properties which will further strengthen the Group’s asset base. The acquisition will be earnings enhancing from our new financial year and will also provide synergy opportunities with the Group’s fleet and internet-based sales operations.”