Aquila Truck Centres (Italia) Limited has exchanged contracts with Vertu Motors plc for the purchase of its main Bristol Street Commercials dealership in Avonmouth, and two satellite dealerships in Swindon and Gloucester. The three sites each hold a full sales and aftersales franchise with Iveco. The parties aim to complete the deal by the end of May 2013 for an undisclosed sum.
Established in 2003 by managing director Gary Mullaney, Aquila Group Limited is a successful main dealer for MAN Truck and Bus, Caterpillar, Isuzu and Neoplan, and an authorised repairer for Iveco in Worcester. The business has enjoyed sustained growth in the last decade and this latest acquisition will allow it to take its focused approach to the heavy truck sector further south.
Speaking of the deal, Gary Mullaney said: “The purchase is part of our long-term growth strategy. Since we formed the business in February 2003, we have enjoyed considerable growth as a MAN dealer and we now boast six thriving retail sites and two VMUs within the West Midlands region. These sit alongside our Caterpillar, Isuzu and Neoplan businesses.
“The purchase of the Iveco dealerships will enable us to expand further south and add to our portfolio of businesses.
“Vertu has an excellent name in the industry and we are looking forward to expanding on their success by bringing a truly focused heavy truck approach to the dealerships.”
Commenting on the deal, Iveco UK’s managing director, Claudio Zanframundo, said the acquisition was good news for the UK business and customers: “Aquila’s previous experience as an Iveco authorised repairer and in-depth knowledge of the heavy truck sector was in line with Iveco’ strategic plan to grow heavy truck sales in the UK market. In the last 12 months we have made substantial progress in increasing our truck performance and this is part of our network development plan to support future growth.”
Robert Forrester, CEO of Vertu Motors, said: “I have known Aquila for a number of years and they are highly regarded as specialists in the heavy truck sector and this will ensure that the businesses will be integrated into their focused business.
“This is a good deal for Vertu, for Aquila and for Iveco.”