9:09 am, January 3, 2023
RRG dealer group owner Marubeni Auto Investments has snapped up used car supermarket group HPL Motors.
The deal, announced today, will see the three car supermarket group – based in the North West – join the group for an undisclosed sum.
RRG have 23 car dealer businesses and represent Toyota, Lexus, Mazda, Kia, Peugeot, Skoda, Nissan, MG.
Marubeni also owns Norton Way – an 11 car dealer business based in London and Hertfordshire.
The dealer group was the 41st most profitable in the UK in the Car Dealer Top 100. It generated EBITDA profits of £11.1m in 2021.
HPL runs sites in Preston, Oldham and Atherton.
Jonathan Herman, founder of HPL, will retain a minority shareholding and will remain as managing director of HPL, and will ‘continue to build on the HPL heritage of the last 30 years’.
He said: ‘I am excited to join the Marubeni family and can see how HPL will really complement the current Marubeni group structure.
‘The synergies of being part of a leading UK automotive dealer group, means that we will be able to develop our combined businesses into incredible mobility provider for the future.’
Jason Cranswick, COO of Marubeni Auto Investment (UK) Limited added: ‘Like all sectors globally, the automotive industry is experiencing rapid change and is embracing omni-channel retailing as part of its business strategy for a digital world.
‘We have admired how Jonathan has evolved his business to become one of the UK’s best independent used car supermarkets.
‘We feel that this acquisition will enable our wider group to innovate further and to deliver incredible customer experiences with long-term shareholder value.’
Cranswick previously worked for online used car dealer Cinch when it launched.
Marubeni Auto Investment (UK) Limited is a subsidiary of Marubeni Corporation (Tokyo) which is a 160-year-old Japanese trading company.
David Kendrick of UHY Hacker Young who advised on the deal added: ‘HPL has grown significantly in the North West over the past decade and this transaction not only allows the growth to continue with a much larger financial backer in Marubeni, but also a much larger pool of trade vehicles generated by the franchise retail outlets owned. A very strategic move.’
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