Bilia has today concluded an agreement to acquire Funnemark AS and Funnemark Sandefjord AS in Norway. The companies are authorized Toyota dealers, who conduct sales and service operations for Toyota cars at seven facilities in Vestfold, Telemark and Vikens fylke in Norway. Funnemark has been a car dealer since 1914 and with a market share of 10 per cent, it is today Norway's second largest Toyota dealer.
Through the acquisition, Bilia will take over operations conducted in five of the seven facilities. The five facilities taken over by Bilia are located in Porsgrunn, Notodden, Seljord, Larvik and Sandefjord. The operations conducted by Funnemark AS located in Kongsberg and Hokksund will be taken over by Bauda AS. The acquisition does not include the properties where the business is conducted. The agreement is subject to approval by the Norwegian competition authority.
The business that is acquired for the five facilities reported for 2020 a turnover of about NOK 1,200 M and an operating profit of about NOK 60 M. The number of employees for the five facilities is about 150. The operation's capital employed and agreed surplus values amount to about NOK 320 M. The Bilia Group's capital employed and net debt is estimated to increase, related to the acquisition, by about SEK 400 M. Bilia is expecting to take over the operations on 30 April 2021.
Per Avander, Bilia's MD and CEO, comments:
"I'm very happy that Bilia will have the opportunity to grow with Toyota in Norway. Through the acquisition of Funnemark, Bilia will take part in a professional business with a long experience as Toyota dealer, which on several occasions has received the award as "The best Toyota dealer of the year" in Norway."
Frode Hebnes, MD Bilia Norway, comments:
"We at Bilia Norway have for a long time wanted to expand our strategic cooperation with Toyota and are very pleased to now have the opportunity to take over Funnemark's operations in Porsgrunn, Sandefjord, Larvik, Seljord and Notodden. These are very well-run businesses, which have a long history and strong roots in their respective markets and we look forward to welcoming them to Bilia. These operations will complement Bilia's current Toyota operations in Vestfold and Telemark and in Trøndelag in an excellent way and provide new opportunities for Bilia's Toyota operations in Norway."
Dimitris Tripospitis, Toyota Norway, comments:
"We are very pleased that our existing partner Bilia takes over parts of Funnemark's operations. Bilia is a competent and serious partner, that we are convinced will take good care of both customers and employees, and we wish good luck with this important work."
Gothenburg, April 13, 2021
Bilia AB (publ)
For information please contact:
Per Avander, Managing Director and CEO, +46
Kristina Franzén, CFO, +46
Facts about the Bilia Group
Bilia is one of Europe's largest car dealers with a leading position within service and sales of cars and transport vehicles. Bilia has about 140 facilities in Sweden, Norway, Germany, Luxembourg and Belgium. Bilia sells cars of the brand Volvo, BMW, Toyota, Renault, Lexus, MINI, Dacia, Alpine and transport vehicles of the brand Renault, Toyota and Dacia.
Bilia offers new and used cars, e-commerce, spare parts and store sales, service and repair workshops, tyres and car glass and financing, insurance, car washes, fuel stations and car dismantling under the same roof, which gives a unique customer offer.
Bilia reported a turnover of about SEK 30 Bn in 2020 and had about 4,700 employees.
Attachment
- Bilia expands the number of Toyota facilities in Norway through acquisition of parts of Funnemark AS (https://ml-eu.globenewswire.com/Resource/Download/26d8d8a2-dbf2-44ed-ab35-bb87f1a29dc1)
