After half of a century as a Barbadian-owned company, Simpson Motors has finally changed hands.
The British multinational automotive firm Inchcape announced Tuesday it had completed the acquisition of the Sir Kyffin Simpson-founded motor dealer and its regional automotive distribution arm, ITC.
While Inchcape did not disclose the price tag attached to the buyout, a press statement said the acquisition is expected to add some 120 million pounds sterling in revenue per year to its coffers and will be accretive to group margins. An acquisition deal is said to be accretive if the acquiring firm’s earnings per share increase after the deal goes through.
This takeover by Inchcape comes five months after Simpson Motors had announced the merger of the three companies.
In what appeared to be a farewell comment, Sir Kyffin wished all of his colleagues at Simpson Motors Limited and ITC the very best for the future.
“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,” he stated.
“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, the very best for the future,” the Barbadian business mogul said.
Group Chief Executive Officer of Inchcape, Duncan Taitt said he looked forward to building upon the valuable Simpson Motors’ brand across the Caribbean.
“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,” Taitt said.
He noted that the Americas and Africa were his company’s fastest growing region.
“And with the addition of ITC and Simpson Motors further bolstering our distribution and OEM partnerships, as we deliver on our accelerated strategy,” the CEO pointed out.
Simpson Motors distributes passenger vehicles for Suzuki, Mercedes-Benz, Stellantis and Subaru, as well as commercial vehicles for Isuzu, Fuso, JCB and John Deere.
ITC says it is leading distribution operations across the Caribbean – over 30 countries – including Jamaica, Guadeloupe, Trinidad and Tobago, and Martinique. It also distributes vehicles for Suzuki, Mercedes-Benz, Stellantis and Subaru as well as commercial vehicles for Isuzu, Fuso, JCB and John Deere.
Meanwhile, Parkland Fuel Corporation, Canada’s largest independent supplier and marketer of fuel and petroleum products, has already bought over 75 per cent of the shares in Simpson Oil Limited (SOL). (EJ/PR)
