Our Auckland based mergers and acquisitions team recently advised Buy Right Cars Group, a major motor vehicle importer and dealer network, on its sale to NZX-listed Turners.
Buy Right Cars was established 18 years ago and has grown to become one of the largest players in the marketplace. It operates from eight sites Auckland wide with a fully equipped mechanical and importation compliance workshop based in South Auckland.
The purchase price for the transaction comprises a cash payment, payment for acquired stock, the issue of shares in Turners and earn out payments if certain performance targets are met.
The Turners CEO, Todd Hunter, has advised that Buy Right Cars will be run as a stand-alone business going forward, with the current management team and all staff being retained. He expects the business to achieve earnings before interest and tax in excess of $4 million in its first year of Turners ownership, with profit increases expected thereafter. He also stated that the acquisition will provide valuable synergies with the existing finance and insurance businesses owned by Turners.
The Wynn Williams team was led by Ash Hill
and Nick Kovacevich
To read more about the sale and purchase, please follow the links below: