Automotive Holdings Group Limited (AHE) announced it had acquired the business and assets of Coffey Ford in Melbourne. Coffey Ford comprises a Ford sales and service centre in the Dandenong auto precinct and two satellite service centres in the nearby suburbs of Noble Park and Hallam. The Coffey Ford franchise area is in Melbourne’s south east growth corridor and adjoins the franchise areas for the four Ford dealerships in the Jeff Wignall Group, which were purchased by AHG in June 2012. The purchase price is approximately $2million inclusive of goodwill and trading assets but excluding vehicle inventories, which will be funded by AHG’s floor plan facilities. The purchase price is being funded from the proceeds of the capital raising completed in 2011.
AHG Managing Director Bronte Howson said the purchase of Coffey Ford was another step in the company’s plans to continue to grow its automotive operations in Victoria. “We acquired Ferntree Gully Toyota in 2010 and Jeff Wignall Group earlier this year. We are also working with Holden and other manufacturers to establish a new auto hub and service centre in South Melbourne. The purchase of Coffey Ford is a good fit with these facilities and will give us a total of 15 dealer points/service centres stretching from the Melbourne CBD through the south east corridor and Mornington Peninsula,” said Mr Howson.
Automotive Holdings Group Limited (AHE) is a diversified automotive retailing and logistics group with operations in every Australian mainland state and in New Zealand. The Company is Australia’s largest automotive retailer, with operations in Western Australia, New South Wales, Queensland and Victoria. AHG’s logistics businesses operate throughout Australia via subsidiaries Rand Transport and Harris Refrigerated Transport (transport and cold storage), AMCAP and Covs (motor parts and industrial supplies distribution), VSE (vehicle storage and engineering), Genuine Truck Bodies (body building services to the truck industry), and KTM Sportmotorcycles motorcycle importation and distribution in Australia and New Zealand).
Tags: acquisition, AHE, Automotive Holdings Group, Car Sales, Motor vehicle sales
