Hendy Automotive has acquired Lifestyle Motor Group in a move which should see the business achieve an annual turnover of £600 million.
The Lifestyle Motor Group, formed in 2001, operates Ford, Mazda, Kia, Renault, Dacia, Seat, Suzuki and Isuzu in the South East and is now part of newly formed company Hendy Automotive Limited.
The deal should place the new company in the top 25 of the AM100 with 12 motor franchises at 25 locations in Surrey, Sussex, Kent, Hampshire, and Devon and a projected annual turnover set to reach £600 million.
The group now employs around 1,000 staff and is set to sell in excess of 40,000 cars, vans and trucks each year from its dealerships and two used car stores.
In 2015 Hendy achieved a £357m turnover while Lifestyle recorded a £187m figure, placing both businesses in the current AM100.
Lifestyle chairman Marc Matthew (pictured left with managing director Peter Isted) said: “We have built up a strong, profitable and successful business in Kent, Sussex and Surrey and believe this growth will continue with Hendy’s.
“Having won more than 50 industry awards we have been proud of the entire team and the relationships we have had with our franchise partnerships.”
Hendy Automotive managing director Paul Hendy said: “We are delighted to have bought Lifestyle which has a similar philosophy to the Hendy with a strong commitment to customer care and service.
"This acquisition extends our territory into the south east and adds a number of new franchises to our existing portfolio of Ford, MG, Iveco, Honda, Mazda and Kia.’’
Hendy Automotive’s newly-acquired dealerships will continue to operate under the Lifestyle name for the immediate future as the business is integrated into Hendy Automotive.
“It’s very much business as usual at the moment,’’ said Hendy.
Mike Jones, chairman of ASE and advisor to Lifestyle in the sale, said: “Marc and Peter (Isted) have built up a fantastic business in Lifestyle Europe and the acquisition by Hendy Automotive brings together two businesses with strong cultural, franchise and regional fits.
"Whilst we continue to see the larger listed groups acquire motor retailers, this transaction is evidence that there remains very much a place in the UK for strong regional operators delivering great customer service.”