Isaac Agnew, one of the UK’s top 25 franchised dealers, operates 16 dealerships representing nine brands, including Audi, Porsche, BMW, Mini, Mercedes-Benz and Volkswagen, primarily around the Belfast area.
Funding for the acquisition has been exclusively provided to Sytner Group by Royal Bank of Scotland by means of a four-year term loan. The entire management team under the managing directorship of Yuile Magee will transfer to Sytner with the business.
David Agnew, former chairman of the family-owned group, said: “I am pleased that we are selling our business to Sytner who will provide a similar culture and environment to Agnews, a culture that rewards, respects and develops individual talents and has a strong focus on customer service.”
Gerard Nieuwenhuys, Sytner’s group managing director, said: “We are delighted to be acquiring a very successful Group with a similar brand portfolio as Sytner in a new geographical region. “We are excited by the prospect of working with a very talented and loyal management team who I am sure will make an important contribution to the wider Sytner Group”.
Yuile Magee, speaking on behalf of the Agnew’s management team, added: “We are excited by the opportunity of working with Sytner, a business that we have long admired and one that has a similar philosophy to that which we have developed in Agnews.” The acquisition was a share purchase and the dealerships will operate as an autonomous division of Sytner Group and trade under their existing dealership names.
Since 2002 Sytner has been owned by the Penske Automotive Group, based in Michigan USA. It has 172 franchises in the US and Puerto Rico and 155 internationally, mostly in the UK. In December 2011 Penske secured a £110 million credit facility from the Royal Bank of Scotland and BMW Financial Services to fund growth.
Source: AM- Online