Penske completes purchase of dealership group
Penske Automotive Group said Friday it has completed its $200 million purchase of Australian truck distributor that sells a variety of truck brands.
Penske expects the acquisition of Western Star Trucks Australia to generate about $420 million to $460 million in annual revenue.
“We are extremely pleased to complete this acquisition in such an efficient time frame,” Penske Chairman Roger Penske said in a statement released Friday.
The Commercial Vehicle Group primarily distributes heavy and medium-duty trucks for Western Star, MAN Truck and Bus andDennis Eagle through a network of more than 80 independent dealers while serving customers across a number of industries, including on-highway, logistics, construction, mining, manufacturing, agricultural and waste/refuse collection. The Western Star truck brand is a top-three Australian heavy-duty truck brand and holds a leading position in key market segments. The MAN Truck and Bus brand is majority-owned by Volkswagen AG and is within the top six suppliers to the Australian bus market, and Dennis Eagle is a growing brand within the specialist refuse collection vehicle market.