BRIDGETOWN, Barbados – The British multinational automotive firm, Inchcape, says it has completed the acquisition of the 50-year-old Simpson Motors, five months after the locally-owned company had announced the merger of the three companies.
Image courtesy of Business BarbadosIn a statement Inchcape did not disclose the amount paid for the company and its regional automotive distribution arm, ITC, but said that the acquisition is expected to add an estimated 120 million pounds sterling (One British pound =US$1.23 cents) in revenue annually to its coffers and will be accretive to group margins that relates to the acquiring firm’s earnings per share increase after the deal goes through.
“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,” said Sir Kyffin Simpson, who founded the company, half a century ago.
“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, the very best for the future,” he added.
Inchcape’s Group chief executive officer, Duncan Taitt, said he looked forward to building upon the valuable Simpson Motors’ brand across the Caribbean.
“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,” Taitt said, noting that the Americas and Africa were his company’s fastest growing region.
“And with the addition of ITC and Simpson Motors further bolstering our distribution and OEM partnerships, as we deliver on our accelerated strategy,” he3 said.
Simpson Motors distributes passenger vehicles for Suzuki, Mercedes-Benz, Stellantis and Subaru, as well as commercial vehicles for Isuzu, Fuso, JCB and John Deere.
ITC says it is leading distribution operations across the Caribbean – over 30 countries – including Jamaica, Guadeloupe, Trinidad and Tobago, and Martinique. It also distributes vehicles for Suzuki, Mercedes-Benz, Stellantis and Subaru as well as commercial vehicles for Isuzu, Fuso, JCB and John Deere.
Meanwhile, Parkland Fuel Corporation, Canada’s largest independent supplier and marketer of fuel and petroleum products, has already bought over 75 percent of the shares in Simpson Oil Limited (SOL).
