Advised on Sale of CompanyAutomotive
Acquired 100% of Business Operations
I.A. Hedin Bil has reached an agreement with the Belgian company Andries NV to acquire its subsidiaries Eddy Joosen NV, Garage A. Swinnen BVBA, Garage Euromotors NV and Garage Vriesdonk NV, including four full service outlets and one used car outlet for Mercedes-Benz passenger cars around Antwerp. In 2017, sales were in the region of 100 million Euros and the business had 89 employees.
"Last Sunday we closed the acquisition of seven Mercedez-Benz outlets in and around Ghent and now we have agreed to acquire five outlets in Antwerp. We began our business in Sweden in 1985 and have grown over time, and since last autumn we expanded into Norway through acquisition. This was made possible through the competence of our co-workers and I look forward to offering customers in Belgium our service and full range solutions" says Group CEO Anders Hedin in a comment.
When the transaction is closed, Hedin Automotive will have a total of 12 outlets in the Flemish part of Belgium. Henrik Lessel is the CEO of the Belgian business.
I.A. Hedin Bil is one of the largest privately owned automotive retailers in the Nordics, with 30 brands in the portfolio, offering full service for private and corporate customers. Financing, service and insurance are some of the components of the total offer. Hedin Bil is represented in more than 90 locations in Sweden, Norway and Belgium. Sales in 2017 amounted to 12.7 bn SEK and there were more than 2,700 employees in the business.
IMAP Belgium, with assistance from IMAP Sweden, acted as the seller's advisor.