$284 million to Buy Suzuki Dealer in Costa Rica and Panama

The English firm Inchcape has announced the acquisition of Grupo Rudelman, representative in Panama and Costa Rica of the Suzuki, JAC and Great Wall automobile brands, among others.

Friday, April 6, 2018

From a statement issued by Inchcape :

Inchcape plc (“Inchcape” or the “Group”)1 , the leading independent multi-brand Automotive Distributor and Retailer with global scale, is pleased to announce the acquisition of Grupo Rudelman, an Automotive Distribution business in Central America focused on Suzuki, for a total cash consideration of $284 million (£201 million2 ), on a cash-free and debt-free basis.

The consideration represents approximately 9.6x EBIT of $29.4 million for the 12 months to 31st December 20173 . Grupo Rudelman, a family-run business, has grown into one of the leading and most successful automotive Distributors in Central America. The business has built and maintained strong market positions and scale as the Distributor and exclusive Retailer for Suzuki in both Costa Rica and Panama.

Transaction Highlights:

Compelling strategic rationale:
• Suzuki-led Distribution business in Costa Rica and Panama with a strong management team

• Establishes a scale platform in attractive markets, adjacent to recent South American expansion

• Expansion of Suzuki partnership in a strategically important region for Suzuki where the brand is particularly well positioned

• Increases Inchcape’s presence in markets with structural growth potential

• Further evidence of continued delivery of Ignite strategy and Inchcape’s ability to leverage our unique position in a highly-fragmented industry

Strong financial rationale:
• Accretive to earnings in first full year post-acquisition by mid-single digit percentage
• Enhances Group operating margin
• High cash flow generation, typical of a Distribution business
• Funded from existing cash and committed debt facilities; Group retains strong balance sheet.

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