Gothenburg, Sweden, 2016-01-28 11:45 CET (GLOBE NEWSWIRE) --
Today Bilia concluded an agreement with OK ekonomisk förening to acquire three car dealerships that conduct BMW, MINI and Toyota operations in Sweden. The companies have a combined annual turnover of about SEK 750 M with an estimated operating profit of SEK 14 M. The companies’ capital employed, plus agreed-on surplus values, amounts to about SEK 145 M. Synergies can be found in a higher inventory turnover rate, which is expected to reduce capital employed by about SEK 30 M in 2016.
The estimated date of possession is 1 March, provided the Swedish Competition Authority approves the acquisitions.
The dealerships are located in the following towns:
Toyota – Kristianstad, Västerås, Enköping, Borlänge, Falun and Ludvika
BMW – Trollhättan, Uddevalla and Strömstad
MINI – Trollhättan
Per Avander, Bilia’s Managing Director and CEO, comments:
“We are very enthusiastic about the acquisitions and the confidence that has been placed in us by Toyota, BMW and MINI. Furthermore we envision good opportunities to achieve synergies by the application of our operating model with a heavy sales focus, efficient inventory management and an increased focus on the aftermarket.”
Britt Hansson, OK ekonomisk förening’s Managing Director and CEO, comments:
”We have seen many benefits of Bilia, both for the staff and for the local towns. With a core business of car sales and service the knowledge and commitment is great in the new owners.”
Gothenburg, 28 January 2016
Bilia AB (publ)
For further information, please contact Per Avander, Managing Director and CEO, or Gunnar Blomkvist, CFO, Bilia AB, Tel. +46 31 709 55 00.
