Pendragon Plc has announced the acquisition of a Lexus dealership located in Glendale, California, USA.
The dealership which trades as Lexus of Glendale was acquired from Texas Automobiles Leasing. The value of the transaction has been reported as $48.5m which includes a freehold property valued at $25.5m and $21.0m of goodwill. The single franchise dealership will continue to trade as Lexus of Glendale.
Lexus of Glendale showed a profit before tax of $2.6m in its accounts for the year ended 31 December 2014. Pendragon expects this acquisition to have an immediately earnings enhancing impact on the group’s balance sheet.
Trevor Finn, Chief Executive said:-“The Lexus brand in the United States is one of the most desirable brands in the retail motor industry. This dealership is a high quality business, with territories in the Los Angeles area encompassing Glendale, Pasadena and Burbank. This represents an attractive addition to our existing dealerships in California”.
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