Inchcape announced the completed acqusition of the ITC Group and Simpson Motors on Tuesday.
Inchcape, the world’s largest automobile distributor, has completed the acquisition of The ITC Group, which owns Interamericana Trading Corporation and Simpson Motors.
With the acquisition, Inchcape increases its worldwide reach by entering the Caribbean, further strengthening its position in the Americas.
With the merger of ITC and Simpson Motors, the group expands its geographic reach with Suzuki, Mercedes-Benz, and Subaru, as well as its OEM partnerships with the inclusion of Chrysler.
The acquired firms are estimated to bring in £120m in yearly revenue and will improve the group’s margin.
ITC expands its Caribbean distribution business to over 30 countries, including Jamaica, Guadeloupe, Trinidad and Tobago, and Martinique.
It sells Suzuki, Mercedes-Benz, and Stellantis vehicles through a network of about 50 dealers, the majority of which are independent.
Simpson Motors is a vertically integrated automotive retailer that operates out of a huge dealership.
The company sells Suzuki, Mercedes-Benz, Stellantis, and Subaru passenger cars, as well as Isuzu, Fuso, JCB, and John Deere commercial vehicles.
Duncan Tait, Group CEO, Inchcape, said, “We welcome the fantastic talent and expertise of ITC and Simpson Motors to the Inchcape family and look forward to building on the exciting opportunity for the group in the Caribbean.”
“The Americas & Africa is our fastest growing region, with the addition of ITC and Simpsons further bolstering our distribution and OEM partnerships as we deliver on our Accelerate strategy.”
“In the 50th anniversary year of our group’s foundation, I am delighted that Inchcape, a global business built on a strong foundation of heritage and values, will take Simpson Motors and ITC into the future,” added Sir Kyffin Simpson, Founder of Simpson Group.
“It is exciting to know that our people will be able to leverage the strength that comes from a regional and international network of partnerships, and that this will open great opportunities for growth and expansion. I would like to wish Inchcape, our dealer partners and all my colleagues at SML and ITC the very best for the future.”
Inchcape shares rose 0.8% to 720p after the company announced the completed purchase of ITC and Simpson Motors.