MOTORCYCLE HOLDINGS REVS UP, ANNOUNCING THIRD ACQUISITION IN A MONTH

MOTORCYCLE HOLDINGS REVS UP, ANNOUNCING THIRD ACQUISITION IN A MONTH

MOTORCYCLE Holdings (ASX: MTO) has announced its latest pickup in a string of acquisitions which have bolstered its east-Australian network.

The motor dealer is set to acquire Trinder Avenue Motors, which includes the operation of Sunshine Coast Harley-Davidson, before the end of the financial year.

This move will take Motorcycle Holdings' dealership network to 27 locations across the eastern seaboard.

David Ahmet, Motorcycle Holdings Managing Director, says the Sunshine Coast dealership boasted an annual turnover of $8.5 million in FY16 and is a strong addition to the company portfolio.

"We are delighted to acquire Sunshine Coast Harley-Davidson, a strong successful dealership just north of Brisbane," says Ahmet.

"This acquisition will further strengthen our position as Australia's largest motorcycle dealership operator."

Earlier this year the company acquired Action Motorcycles on the Gold Coast on 9 March, and Evolution Motorcycles in Victoria's Epping on 17 March.

The current buyout of Trinder Avenue Motors is to be funded from company cash reserves and is expected to be earnings accretive on settlement.

The sale will take place following the completion of due diligence procedures and the official green light from both the manufacturer and the landlord associated with the property.

Motorcycle Holdings shares closed out yesterday at $3.99 and are continuing to trade flat as of 1:29pm.

Business News Australia

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Crypto staking: a new way to earn passive income
Partner Content
You may be familiar with traditional ways of earning passive income such as trading sto...
Etoro
Advertisement

Related Stories

‘Devastated’ boss of collapsed Pivotal Homes warns that risk has swung against builders

‘Devastated’ boss of collapsed Pivotal Homes warns that risk has swung against builders

The devastated boss of collapsed Gold Coast homebuilder Pivotal Hom...

St Baker affirms commitment to Novonix as he exits board to focus on new fund

St Baker affirms commitment to Novonix as he exits board to focus on new fund

Rich lister and power industry titan Trevor St Baker, the largest i...

PEXA purchases 25 per cent stake in AI fintech company Elula

PEXA purchases 25 per cent stake in AI fintech company Elula

In a bid to bolster its fintech offering, online property exchange ...

Telus why: $1.2 billion takeover of Appen revoked “without explanation” after just eight hours

Telus why: $1.2 billion takeover of Appen revoked “without explanation” after just eight hours

It took just eight hours for Canadian telco giant Telus to revoke i...