Gothenburg, Sweden, 2015-12-21 08:45 CET (GLOBE NEWSWIRE) --
Bilia has concluded an agreement to acquire Arnold Kontz BMW and MINI dealership in Luxembourg. BMW has a strong position, with a market share over the last years of about 10 per cent. The operation represents about 50 per cent of the total BMW sales in Luxembourg. The business is centrally situated and the date of possession is planned at 31 March 2016. The operation is well managed and has for many years accounted for a high and stable profitability. The annual turnover is about SEK 1.1 bn and the operating profit is this year forecasted to about SEK 45 M. Capital employed plus agreed surplus values amount to about SEK 360 M. The number of employees at the takeover is estimated to about 147. Provided the annual general meeting’s decision on 8 April 2016, an important part of the purchase price will be payed with newly issued Bilia shares.
Per Avander, Bilia’s Managing Director and CEO, comments:
“We are very pleased to be able to grow with BMW in Luxembourg. The operation is well managed and has accounted for a high and stable profitability. The acquisition gives us good conditions to increase Bilia’s presence in the region.”
Benji Kontz, Arnold Kontz Group’s Managing Director and partner, comments:
“We are happy to have found in Bilia the fair and serious partner of choice to take over our strong and profitable BMW dealership in Luxembourg-City. I am very confident, that Bilia will take the business to new records, while preserving its family character for employees and customers.
Gothenburg, 21 December 2015
Bilia AB (publ)
For further information, please contact Per Avander, Managing Director and CEO, or Gunnar Blomkvist, CFO, Bilia AB, tel: +46 31 709 55 00.
