Automotive company completes NZ$70m deal as it makes its first foray into the New Zealand market.
An Australian company has announced it has completed the acquisition of 100 per cent of the shares of Auckland City BMW Ltd and will take charge of the business’ three dealerships.
The NZ$70 million deal means Autosports Group now owns Auckland City BMW and Rolls-Royce Motor Cars Auckland; Auckland Mini Garage; and East Auckland BMW and Mini.
Ian Gibson, managing director of Auckland City BMW Ltd, will remain with the company following the purchase.
Nick Pagent, chief executive of Autosports, says: “We are very excited to enter the New Zealand market with a well-established luxury business providing immediate scale and geographic diversity for our group.
“Completion of this international acquisition marks an important milestone in our growth strategy and reinforces the positive business relationship we have built with BMW Group over the last five years.
“We look forward to working closely with Ian Gibson who continues as dealer principal and welcome the Auckland City BMW team to Autosports Group.”