JOHANNESBURG -- British automotive dealer group Pentagon Motor Holdings has been purchased by the vehicle division of South Africa's Imperial Holdings for 493 million rand ($36.97 million).
The deal, which was announced Tuesday, helps Imperial to continue to expand beyond its home market.
Imperial said its wholly owned unit, Motus, had indirectly acquired all of Pentagon, which operates 21 prime retail dealerships in Derbyshire, Nottinghamshire, Lincolnshire, Yorkshire and greater Manchester. In 2016, Pentagon generated revenue of 495 million pounds ($636.32 million).
"Imperial has strong global partnerships with leading vehicle manufacturers and we are delighted to expand our international retail footprint into the passenger and light commercial vehicle market in the UK through the acquisition of Pentagon by Motus," Imperial group CEO Mark Lamberti said in a statement.
Imperial, which sells imported vehicles and runs a car rental agency in South Africa, has sold assets it considers non-core, including a short-term insurance unit as it aims to make the firm's business less vulnerable to swings in the value of its home market's volatile rand currency.
"This acquisition is consistent with Motus' strategy to deploy capital and its vehicle retail expertise in pursuit of growth and returns beyond South Africa," Motus CEO Osman Arbee said.