Inchcape acquires Barbados’ Simpson Motors | Loop Barbados

The content originally appeared on: Barbados News

Inchcape, the leading global automotive distributor, has completed the acquisition of the ITC Group, owner of Interamericana Trading Corporation (ITC) and Simpson Motors from the Simpson Group.

The acquisition expands Inchcape’s global footprint with entry into the Caribbean, further building on its presence in the Americas. The addition of ITC and Simpson Motors strengthens the Group’s geographic reach with Suzuki, Mercedes-Benz, and Subaru, and broadens its OEM relationships, with the addition of Chrysler to its list of brand partners.

The acquired businesses are expected to add approximately GBP120m of annualised revenue and will be accretive to Group margins.

ITC adds leading distribution operations in the Caribbean region across over 30 territories – including Jamaica, Guadeloupe, Trinidad and Tobago and Martinique. It distributes vehicles for Suzuki, Mercedes-Benz and Stellantis via a network of about 50 dealers – the majority of which are independent.

Simpson Motors provides vertically integrated automotive retail led through a large dealership site. The business distributes passenger vehicles for Suzuki, Mercedes-Benz, Stellantis and Subaru, as well as commercial vehicles for Isuzu, Fuso, JCB and John Deere.

Duncan Tait, Group CEO of Inchcape, commented:

“We welcome the fantastic talent and expertise of ITC and Simpson Motors to the Inchcape family and look forward to building on the exciting opportunity for the Group in the Caribbean. The Americas and Africa is our fastest growing region, with the addition of ITC and Simpsons further bolstering our distribution and OEM partnerships as we deliver on our accelerate strategy.”

Sir Kyffin Simpson, Founder of Simpson Group, said:

“In the 50th anniversary year of our Group’s foundation, I am delighted that Inchcape, a global business built on a strong foundation of heritage and values, will take Simpson Motors and ITC into the future. It is exciting to know that our people will be able to leverage the strength that comes from a regional and international network of partnerships, and that this will open great opportunities for growth and expansion. I would like to wish Inchcape, our dealer partners and all my colleagues at SML and ITC the very best for the future.”

Walkers’ London office projected that the transaction would be completed in the first half of 2022.

Simpson Motors Ltd closed early on the day the news that the acquisition process was completed and went viral.

The company said that on May 3, 2022, it was closing early to facilitate a staff meeting. The acquisition’s result was published on the London Stock Exchange on May 3 as a Non-Regulatory Reach Announcement titled ‘Inchcape welcomes ITC and Simpson Motors’.