Delayed Toronto Stock Exchange - 04:00 2022-11-30 pm EST
26.93 CAD -0.15%

AutoCanada Buys Velocity Autobody in Markham, Ontario

08/22/2022 | 08:14am
(MT Newswires) -- AutoCanada Inc. (TSX: ACQ), a multi-location North American automobile dealership group, on Monday said it has acquired Velocity Autobody, a Tesla-certified, I-CAR Gold Class collision center located in Markham, Ontario.

The acquisition represents a continuation of the company's goal to develop its national collision center network, AutoCanada said.

"The addition of this well-managed business marks the seventh collision centre acquisition since Q4 2020 and continues our strategy to expand our national collision centre footprint," said AutoCanada Executive Chairman Paul Antony.

AutoCanada didn't disclose the deal value but said the acquired dealership generates in excess of $3.5 million in annual revenue. It also said that it will fund the transaction from a drawdown of its credit facility and that it expects the deal to be accretive to its 2022 earnings.

Velocity Autobody has been operating for over 16 years. It operates out of a 12,000 square foot facility with more than 25 production bays. The current management team will continue to run the business, AutoCanada said.

MT Newswires 2022
Copier lien
All news about AUTOCANADA INC.