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Inchcape buys Central America dealership for £201m
Car seller Inchcape on Monday said it had bought Suzuki-focused Central American dealer Grupo Rudelman for $284m (£201m), on a cash-free and debt-free basis.
Inchcape said the price represented approximately earnings before interest and tax of $29.4m for the 12 months to end-December 2017.
Grupo Rudelman operates in Costa Rica and Panama selling Suzukis, primarily SUVs and small-engine compact cars, which are "particularly well suited to local market preferences", it added.
Chief executive Stefan Bomhard said the acquisition was another step towards positioning Inchcape in higher growth markets and higher return distribution businesses.
"Distribution trading profit, on a pro forma basis, now equates to 81% of total group profit in 2017. In addition, Inchcape's portfolio and presence in Latin America has been significantly strengthened, and I am excited about the future opportunities this presents," he said.