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AUTOCANADA CONTINUES TO EXPAND ONTARIO FOOTPRINT WITH ACQUISITION OF AUDI WINDSOR AND PORSCHE OF LONDON
AUTOCANADA CONTINUES TO EXPAND ONTARIO FOOTPRINT WITH ACQUISITION OF AUDI WINDSOR AND POR...
About this update from Autocanada Inc.
[{"type":"text","content":"\n \n \n \n AUTOCANADA CONTINUES TO EXPAND ONTARIO FOOTPRINT WITH ACQUISITION OF AUDI WINDSOR AND PORSCHE OF LONDON\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n EDMONTON, AB\n \n \n ,\n \n \n May 2, 2022\n \n \n /CNW/ - AutoCanada Inc. (\"AutoCanada\" or the \"Company\") (TSX: ACQ), a multi-location North American automobile dealership group, announced today that it has acquired Porsche of\n \n London\n \n and\n \n Audi Windsor\n \n (the \"dealerships\"), located in\n \n London\n \n and\n \n Windsor, Ontario\n \n , respectively.\n \n \n \n \n \n \n \n \n \n \"We're excited about the addition of these high-quality Audi and Porsche dealerships, further expanding our platform in\n \n Ontario\n \n while adding brand diversity and increasing the mix of luxury dealerships within our overall portfolio,\" said Executive Chairman,\n \n Paul Antony\n \n . \"Notably, the acquisition expands our relationship with Audi and brings Porsche into our Canadian dealership portfolio. The acquisition of these dealerships advances our continued strategy of diversifying our brand and geographic mix and will provide tremendous growth opportunities as we integrate them with our strong portfolio of dealerships.\"\n \n \n Both dealerships operate out of recently built, fully imaged, facilities and have a track record of delivering top-tier customer satisfaction experiences. Further, this acquisition strategically bolsters AutoCanada's platform in\n \n London\n \n and Windsor, attractive markets in\n \n Southwestern Ontario\n \n . Apart from continuing to strengthen the dealerships' performance, the acquisition unlocks additional growth opportunities, including the potential to expand AutoCanada's collision centre footprint in each of the markets. The transaction includes the acquisition of the underlying real estate for both dealerships.\n \n \n \n Financial Highlights\n \n \n \n The acquired dealerships generate in excess of\n \n $80 million\n \n in annual revenue. The transaction will be funded from a drawdown of the Company's credit facility an...