Peter Warren Automotive Holdings Limited (ASX:PWR) agreed to acquire Penfold Motor Group for approximately AUD 110 million on November 8, 2021. The acquisition consideration will be in the form of AUD 88 million in cash (funded through a combination of existing cash and the drawdown of new debt facilities) and 5.2 million new shares to be issued at completion. The turnover of Penfold Motor Group for the year ended June 30, 2021 was approximately AUD 354 million.

The current owners and operators of the business, led by Sam Johnstone and other key management, will continue to operate the business under Peter Warren ownership and will become shareholders in Peter Warren. The transaction is subject to OEM consents, with completion expected in early December. Transaction is expected to be double-digit EPS accretive on a pro forma FY22 basis.

Gilbert and Tobin acted as legal advisor and Jarden acted as financial advisor to Peter Warren Automotive Holdings Limited. Deloitte acted as advisor to Peter Warren Automotive Holdings Limited.