Autosports Group Limited entered into an agreement to acquire Team Mcmillan Limited for NZD 70 million.
July 11, 2022
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Autosports Group Limited (ASX:ASG) entered into an agreement to acquire Team Mcmillan Limited for NZD 70 million on July 11, 2022. The purchase consideration consists of NZD 55 million plus approximately NZD 15 million for the net assets at completion subject to usual adjustments. The consideration will be funded by cash reserves and a debt facility of up to NZD 27 million. Auckland City BMW Managing Director and Dealer Principal, Ian Gibson, who will remain with the company. Auckland City BMW business record revenue of approximately NZD 157 million for the year ended December 2021. Autosports Group has completed legal, financial and tax due diligence in relation to the transaction. The completion will take place over the coming weeks with the effective date of completion scheduled for August 1, 2022. Completion is conditional on obtaining standard consents to the change in control (including Rolls-Royce Motor Cars, BMW New Zealand, financiers, lessors and counterparties to material contracts) and the release of encumbrances and vendor guarantees. Andrew McFarlane, Josh Linde and Rishabh Duggal of BDO Corporate Finance Pty Ltd acted as financial advisor to Team Mcmillan Limited
Autosports Group Limited is an Australia-based automotive dealer company. The Company's principal activities include the sale of new and used motor vehicles, distribution of finance and insurance products on behalf of retail financiers and automotive insurers, sale of aftermarket products and spare parts, motor vehicle servicing and collision repair services. It deals with various automotive brands including Alpina, Aston Martin, Audi, Bentley, BMW, BMW Motorrad, Ducati, Jaguar, Kia, and Lamborghini, among others. It has approximately 55 retail businesses across Sydney, Melbourne, Brisbane, Gold Coast and Auckland. It offers a range of different services, including scheduled interval services, quick checks, and special safety checks. The Company operates prestige and luxury car business in Sydney, Brisbane, and Melbourne through Prestige Auto Traders. The Company, through its subsidiaries, also owns Motorline BMW, Motorline MINI, Motorline Bodyshop, Gold Coast BMW and Gold Coast MINI.