Listed company moves on first major acquisition
An ASX-listed company has purchased of one of Australia’s largest BMW franchises in its first acquisition since its IPO.
Firms: Kardos Scanlan (Autosports Group Limited); Marshalls+Dent (Doncaster BMW Group)
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Deal: Autosports Group Limited (ASG) has acquired the Doncaster BMW Group business.
Value: $46 million
Key players: The Marshalls+Dent team was led by partner Jeffrey Pinch. Senior associate Josh Kaplan assisted on the deal.
The Kardos Scanlan team was led by partner Warren Davis. Special counsels Catriona Glover, Emma Hodgson and Nikki Town assisted.
The Doncaster BMW Group has sold its business to ASG for $46 million. The deal includes fixed assets at valuation plus or minus industry standard adjustments.
According to a statement from Marshalls+Dent lawyers, Doncaster BMW Group is one of the largest BMW franchises in Australia.
The business, now owned by ASG, includes Doncaster BMW, Bundoora BMW, Bundoora Motorrad Doncaster, BMW Motorrad Bundoora, Doncaster Mini Garage, Alpina Australia, Alpina Victoria and Evolution Financial Services (Doncaster BMW Group).
“Acquiring the businesses of the Doncaster BMW Group will significantly add to ASG's presence in Victoria, having recently acquired Volvo Brighton,” the firm said.
Commenting on the deal, Marshalls+Dent partner Jeffrey Pinch said because of the underlying franchise framework, transactions in the automotive industry can be complex. He congratulated the team at Doncaster BMW on the deal.
“The industry is unique in many ways, but it is pleasing to negotiate a deal of the size and scale of this one, having regard to the various franchises and properties involved,” Mr Pinch said.
Kardos Scanlan partner Warren Davis added that the deal allowed the owners of Doncaster BMW Group to realise decades of hard work and business success.
“On its face, this was another fairly typical motor industry deal for us. But it was more than that, especially getting accustomed to the nuances of a new OEM in BMW Group Australia,” Mr Davis said.