AutoCanada Announces Acquisition of Mercedes-Benz Heritage Valley in Edmonton
EDMONTON, Sept. 4, 2018 /CNW/ - AutoCanada Inc. ("AutoCanada" or the "Company") (TSX: ACQ), a multi-location North American automobile dealership group, announced that it will be acquiring Mercedes-Benz Heritage Valley. Mercedes-Benz Heritage Valley is one of only two Mercedes-Benz dealerships in Edmonton, with a 78,733 square foot facility, a 22 car showroom, 23 service bays and 9 detail bays.
"We are thrilled to acquire Mercedes-Benz Heritage Valley and to expand our luxury brand portfolio," said Paul Antony, Executive Chairman. "This acquisition is consistent with our strategy of selective and disciplined acquisitions, with a view to superior operational performance and diversification of our portfolio of dealerships."
"With its stunning state-of-the-art facility, Mercedes-Benz Heritage Valley will be a flagship dealership for AutoCanada in our home of Edmonton," said Michael Rawluk, President. "We look forward to the opportunity to continue to build the Mercedes-Benz brand in the Edmonton market and we are committed to operational excellence at Mercedes-Benz Heritage Valley. I have full confidence in Bobby Ammar, who will be appointed as Dealer Principal."
"Mercedes-Benz is pleased to partner again with AutoCanada," said Brian D. Fulton, President and CEO of Mercedes-Benz Canada. "We would like to thank Tom Wilson for taking Mercedes-Benz Heritage Valley to the stage that it is at today, and we look forward to continued growth and success for its new owners, AutoCanada and Dealer Principal Bobby Ammar, at Mercedes-Benz Heritage Valley."
The acquisition of Mercedes-Benz Heritage Valley by AutoCanada remains subject to customary closing conditions and is expected to close by the end of September 2018.
About AutoCanada
AutoCanada, a leading North American multi-location automobile dealership group currently operating 68 franchised dealerships, comprised of 27 brands, in eight provinces in Canada as well as a group in Illinois, USA and has over 4,200 employees. AutoCanada currently sells Chrysler, Dodge, Jeep, Ram, FIAT, Alfa Romeo, Chevrolet, GMC, Buick, Cadillac, Infiniti, Nissan, Hyundai, Subaru, Mitsubishi, Audi, Volkswagen, Kia, Mazda, Mercedes-Benz, Smart, BMW, MINI, Volvo, Toyota, Lincoln and Honda branded vehicles. In 2017, our dealerships sold approximately 63,000 vehicles and processed approximately 870,000 service and collision repair orders in our 999 service bays generating revenue in excess of $3 billion.
Additional information about AutoCanada Inc. is available at www.sedar.com and the Company's website at www.autocan.ca.
Forward Looking Statements
Certain statements contained in management's discussion and analysis are forward-looking statements and information (collectively "forward-looking statements"), within the meaning of the applicable Canadian securities legislation. We hereby provide cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in these forward-looking statements. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "will continue", "is anticipated", "projection", "vision", "goals", "objective", "target", "schedules", "outlook", "anticipate", "expect", "estimate", "could", "should", "plan", "seek", "may", "intend", "likely", "will", "believe", "shall" and similar expressions) are not historical facts and are forward-looking and may involve estimates and assumptions and are subject to risks, uncertainties and other factors some of which are beyond our control and difficult to predict. Accordingly, these factors could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. Therefore, any such forward-looking statements are qualified in their entirety by reference to the factors discussed throughout this document.
The Company's Annual Information Form and other documents filed with securities regulatory authorities (accessible through the SEDAR website www.sedar.com describe the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference.
Further, any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by applicable law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all of such factors and to assess in advance the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.
Additional Information
Additional information about AutoCanada is available at the Company's website at www.autocan.ca and www.sedar.com.
SOURCE AutoCanada Inc.
Raj Juneja, Chief Financial Officer, Email: [email protected]
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