The British automotive firm Inchcape says it has completed the acquisition of Simpson Motors Limited, SML, five months after the merger was first disclosed in Barbados.
At 50, Simpson Motors is Barbados’ oldest car dealership.
Inchcape did not disclose the amount paid for SML and its regional automotive distribution arm, ITC, but said in a statement that the acquisition was expected to add about £120 million in revenue annually to its coffers. Inchcape also expects the deal to be accretive, that is, it is projected to grow its earnings per share.
“In the 50th anniversary year of our group’s foundation, I am delighted that Inchcape, a global business built on a strong foundation of heritage and values, will take Simpson Motors and ITC into the future,” said Sir Kyffin Simpson, the founder of Simpson Motors, in a joint statement with Inchcape.
“It is exciting to know that our people will be able to leverage the strength that comes from a regional and international network of partnerships, and that this will open great opportunities for growth and expansion. I would like to wish Inchcape, our dealer partners and all my colleagues at SML, the very best for the future,” he added.
Inchcape Group CEO Duncan Tait said he looked forward to building upon the Simpson Motors’ brand across the Caribbean.
Simpson Motors distributes passenger vehicles for Suzuki, Mercedes-Benz, Stellantis and Subaru, as well as commercial vehicles for Isuzu, Fuso, JCB and John Deere. Through ITC, Simpson Motors has a presence in 30 Caribbean markets, including Jamaica, Guadeloupe, Trinidad and Tobago, and Martinique.
Tait said the Americas and Africa were his company’s fastest growing regions, while signalling plans to grow its newly acquired regional business.
“We … look forward to building on the exciting opportunity for the group in the Caribbean,” he said.
Another of Kyffin Simpson’s companies, Simpson Oil Limited, was previously acquired by Parkland Fuel Corporation, a Canadian independent supplier and marketer of fuel and petroleum products, which now holds a 75 per cent stake in the Barbadian operation.