Fortune 500 retailer Group 1 Automotive said it has acquired Beadles Group , a large U.K.-based automotive retailer.
Beadles Group offers seven brands through 12 dealerships in the greater London market. The dealerships sell Jaguar, Land Rover, Volkswagen, Skoda, Toyota, Vauxhall and Kia vehicles. The dealerships will continue to operate under the Beadles name, a Group 1 Automotive release said.
With the acquisition, Group 1 will own 43 dealerships in the United Kingdom.
"The Beadles Group is a great fit for Group 1 as we further expand our footprint and brand portfolio in the U.K.," Earl Hesterberg, Group 1's president and CEO, said in the release. "Beadles was established in 1893 and incorporated in 1915 and has an outstanding reputation for customer service and satisfaction. This acquisition bolsters our scale, provides additional management resources, and introduces new brand partnerships in the U.K. We are also pleased to grow our existing relationships with key brand partners."
"With this addition, our UK operations are estimated to generate over $2 billion in annualized revenues," Hesterberg said.
Group 1 owns and operates 171 automotive dealerships, 224 franchises and 47 collision centers throughout the United States, the United Kingdom and Brazil.