Automotive Holdings Group
(ASX:AHG) is set to acquire the City Mazda dealership in South Melbourne for $24.4 million.
This transaction is subject to manufacturer approval and is expected to settle in July.
AHG managing director, Bronte Howson expects this acquisition to add significant scale and profit to AHG’s Victorian operations.
Ms Howson also says that Mazda is a high priority franchise for her company, and there are very limited opportunities to acquire high volume metropolitan Mazda franchises in any location.
AHG reported a net profit of $51.8 million at 31 December 2015.
