Peter Warren Automotive (ASX:PWR) has announced the strategic acquisition of Wakeling Automotive, a multi-franchised dealership group headquartered in Macarthur, New South Wales, with additional operations in Wollongong, Shellharbour, and Moss Vale.
The business represents 16 leading automotive brands, including Hyundai, Kia, GWM, Chery, Omoda Jaecoo, Mitsubishi, Nissan, Honda, Suzuki, Volkswagen, Isuzu Ute, and Mercedes-Benz.
Wakeling Automotive, a 40-year-old family-owned business generating $500 million in annual turnover and employing approximately 370 staff, will be acquired for around $28 million, funded through Peter Warren’s existing debt facilities.
The consideration includes $21.7 million of goodwill plus net assets at completion.
The acquisition is expected to be immediately EPS accretive after funding costs and aligns with Peter Warren’s disciplined consolidation strategy in one of Australia’s fastest-growing regions.
The transaction is subject to standard conditions, including ACCC and OEM approvals, and is expected to close in the coming months.
CEO Andrew Doyle said, "We are delighted to welcome the Wakeling Automotive team, whose culture and customer focus align closely with ours. This acquisition strengthens our presence in Western Sydney and delivers significant operational and scale benefits, continuing our strategy of disciplined growth and consolidation."