Nick Politis has hailed Eagers Automotive’s $1 billion acquisition of a 65 per cent stake in Canadian dealership group CanadaOne as a milestone for the company’s global growth.
Politis, who owns almost 30 per cent of Eagers and sits on its board, said the four-hour meeting with CanadaOne founder Pat Priestner was “probably the best meeting I’ve had with a dealer group in 50 years”.
“They’re the top organisation in Canada profitability-wise, they’ve got a good culture, they look after their people and also the community,” he told The Australian Financial Review.
The $2.7 billion deal marks Eagers’ first major overseas expansion, with Priestner retaining 35 per cent of CanadaOne, which runs 42 dealerships across five provinces and reported $5.5 billion in revenue last year.
Eagers will fund the deal with $658 million in cash and new shares, supported by a $50 million placement from Mitsubishi Corp.
Source: AFR.
