AUTOCANADA INC.

ACQ
Delayed Toronto Stock Exchange - 04:00 2022-12-07 pm EST
26.69 CAD +0.07%

AutoCanada Acquires Auto Gallery of Winnipeg to Expand Used Digital Retail Division

09/26/2022 | 08:11am
(MT Newswires) -- AutoCanada Inc. (TSX: ACQ), a multi-location North American automobile dealership group, on Monday said it has acquired Auto Gallery of Winnipeg, an independent used vehicle dealership in Winnipeg, Manitoba.

AutoCanada didn't disclose the transaction value, but said the acquired dealership generates in excess of $15 million in annual revenue.

The company said the transaction includes the acquisition of the underlying real estate and will be funded from a drawdown of its credit facility. The transaction is expected to be accretive to 2022 earnings, AutoCanada said.

AutoCanada's Executive Chairman, Paul Antony, said Auto Gallery's used vehicle operations expands the company's Used Digital Retail initiative. "This acquisition also aligns with our strategy of geographic diversification as it expands our network of used dealerships, furthers our exposure into the Manitoba market and provides a central strategic logistics hub between Winnipeg and Ontario locations and our Western locations," Antony said.

MT Newswires 2022
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