Allens has advised Penfold Motor Group on its acquisition by ASX-listed Peter Warren Automotive, in a deal that will see the key management continue to operate the business under new ownership. Miles Advisory Partners acted as financial adviser to Penfold.
The $104 million deal is expected to be completed in early December. It will mark Peter Warren's entry into the Victorian market, increasing its number of locations to 82 across New South Wales, Queensland and Victoria.
Penfold Motor Group is a family owned and operated Melbourne-based automotive dealership representing Audi, Mazda, Volkswagen, Hyundai and Suzuki across ten locations.
'We congratulate Penfold Motor Group on this transaction, which is testament to the strength and rich history of the Penfold business,' said Partner Tom Story.
Allens and Miles Advisory Partners previously advised James Frizelle Automotive Group on its sale to Peter Warren Automotive in 2017.
