South Africa's Imperial Holdings Acquires UK Dealer Group
South Africa’s Imperial Holdings has acquired Pentagon Motor Holdings, which operates 21 retail dealerships in the UK, for $36.97 in its effort to expand beyond its home market, according to Reuters.
The acquisition was effective after South Africa’s Imperial Holdings’ vehicle division, Motus, indirectly acquired Pentagon. South Africa’s Imperial Holdings, which is known for selling imported vehicles as well as running a car rental agency in South Africa, also sold assets for a short-term insurance unit it had.
“This acquisition is consistent with Motus’ strategy to deploy capital and its vehicle retail expertise in pursuit of growth and returns beyond South Africa,” Motus CEO Osman Arbee told Reuters.