Vertu added 28 sales outlets to its burgeoning portfolio after snapping up a premium car company in the South West in a £120m deal - the largest in the Tyneside firm’s history.
The Gateshead listed company has now welcomed Ferrari and Volvo into the group following the acquisition of Helston Garages Group Limited, a £499m turnover family firm. Cornwall based Helston has been a family run business for more than 60 years, building up a network of quality dealerships across Dorset, Somerset, Devon and Cornwall, operating under brands including Westerly, Carrs and Truscotts, and at an enterprise value of £120.1m, the deal is represents 6.8 times the Ebitda of the acquired dealerships.
Despite the challenging economic conditions, Vertu CEO Robert Forrester said the company remains committed to building for the future and continue its long-term strategy to build scale, geographic coverage and deepen relationships with key automotive manufacturers.
