British company Inchcape acquires Simpson Motors
Simpson Motors, which was founded by businessman Sir Kyffin Simpson 50 years ago, has been acquired by global automotive distributor Inchcape.
In a statement released by Inchcape, Sir Kyffin, founder of Simpson Group, said: “In the 50th anniversary year of our group’s foundation, I am delighted that Inchcape, a global business built on a strong foundation of heritage and values, will take Simpson Motors and ITC into the future.
“It is exciting to know that our people will be able to leverage the strength that comes from a regional and international network of partnerships, and that this will open great opportunities for growth and expansion. I would like to wish Inchcape, our dealer partners and all my colleagues at SML and ITC the very best for the future.”
The statement said Inchcape has completed the acquisition of the ITC Group, owner of Interamericana Trading Corporation (ITC) and Simpson Motors from the Simpson Group. The acquisition expands Inchcape’s global footprint.
Inchcape said the acquired businesses are expected to add £120m of annualised revenue. ITC adds leading distribution operations in the Caribbean region across over 30 territories – including Jamaica, Guadeloupe, Trinidad and Tobago and Martinique,
Duncan Tait, Group CEO of Inchcape, said: “We welcome the fantastic talent and expertise of ITC and Simpson Motors to the Inchcape family and look forward to building on the exciting opportunity for the group in the Caribbean.” (PR)