SEAT and Kia ASE aid
July 26th, 2010 by Richard Aucock
ASE Dealermatch has just secured Tunbridge Wells Kia and SEAT for Waters Retail Group in a strategic deal.
The deal, which was for an undisclosed sum, sees Waters Retail take over the retailers from Humphries & Parks Limited.
Humphries & Parks does, however, retain its existing Mitsubishi West Malling business.
Waters CEO, Darren Payne, said: ‘We are extremely pleased with the acquisition as it fits our strategy and also is our first venture with the SEAT brand and VW Group.
‘We are doubly pleased to now partner Kia in 3 locations.’ It means Waters Retail now operates 14 franchises across 9 sites.
David Kendrick, transaction manager at ASE, said: ‘Yet again we see another group purchasing a going concern from a smaller business as the consolidation in the sector continues.
‘Humphries & Parks will continue to operate their successful Mitsubishi business in West Malling, with the Tunbridge Wells interest being sold to Waters Retail Group.’
It’s a fitting deal in some ways – Waters Retail was itself created by an MBO 12 months ago…
Tags: ase, dealermatch, Kia, Seat