USAs Lithia Motors to buy Pendragon in £250m deal to become UKs 2nd biggest dealer group
Summary
As a standalone entity, Pinewood would retain Pendragons London Stock Market listing, changing its name to Pinewood Technologies plc, as a pure software as a service (SaaS) business, headed by current Pendragon chief executive Bill Berman and chief financial officer Oliver Mann. Lithia had recently claimed the title of North Americas largest motor retailer, following a spate of acquisitions, and it has 296 outlets in 26 states across the USA and Canada, representing 41 new vehicle brands. Bryan DeBoer, chief executive of Lithia (pictured), said: "The strategic partnership with Pinewood Technologies and acquisition of Pendragons UK motor and vehicle management divisions is a massive step in delivering on our longer-term growth strategy. "We are excited about the great potential in Pinewoods offering and envision our strategic partnership to further expand this SaaS business globally. Todays announcement follows an extensive strategic review undertaken by the Board of Pendragon to maximise value for our stakeholders.