Porsche Holding Salzburg acquires well-known dealer group in Lombardy
Agreement to acquire Bonaldi Group signed
Eight retail dealerships acquired
Dealer group will optimally complement Porsche Holding's sales network
Acquisition subject to approval by EU competition authorities
Europe's largest automotive distribution company, Porsche Holding Salzburg, is expanding its presence in Italy and has signed an agreement to acquire Bonaldi Group in July 2018. The acquisition is subject to approval by EU competition authorities.
The Bergamo-based company sells Volkswagen Group brands in Bergamo, Treviglio, Lecco, Sondrio and Milan. 300 employees at 8 locations sell 12,000 cars per year, generating consolidated turnover of 300 million euros. "We are delighted to be able to acquire a dealer company with such a long and successful history, right in the heart of Italy", says Johannes Sieberer, Executive Member of the PHS Board for Retail CEE, Italy and China. "The dealerships achieve excellent market performance with the Volkswagen Group brands which they represent, and Bonaldi Group will complement our existing retail network in the Friuli Venezia Giulia and Florence regions in an ideal manner."
Porsche Holding's subsidiary Eurocar Italia s.r.l. is headed by Country Manager Matthias Moser, who is excited about the acquisition: "These are showcase operations with outstanding staff and will bring us tremendous benefits", he says. "We are looking forward to the new challenge and will be working hard to make sure current and new employees work together effectively and learn from each other."
Founded 50 years ago, by Lorenzo Bonaldi and his wife Carla Comana, Bonaldi Group is one of Italy's largest dealer groups. "We have taken a strategic decision to ensure the growth and development of our company", stated the Managing Directors of Bonaldi Group Simona Bonaldi and Gianemilio Brusa. "In an increasingly global and competitive market, we have decided to transfer the further development of the company to Porsche Holding." The acquisition agreement includes taking over all employees and continuing to maintain all Bonaldi Group dealerships and brands.
On course for growth in retail in Italy
This acquisition is part of Porsche Holding Salzburg's ongoing growth strategy in retail in Italy. At the start of 2017, it acquired Volkswagen Group Firenze from the Volkswagen Group, with six high-volume dealerships, thereby increasing its sales volume in Italy to its current level of 17,000 new and used vehicles. In 2017 around 340 employees generated turnover of approximately 400 million euros. The acquisition of Bonaldi Group will increase the number of Eurocar Italia s.r.l. retail dealerships to 19 and thereby almost double the volume of new cars sold.
Bonaldi Group: Bonaldi Group is one of Italy's most important automotive dealer companies. It sells around 12,000 vehicles annually (VW Passenger Cars and Light Commercial Vehicles, Audi, SEAT, ŠKODA, Porsche and Lamborghini). The company is headquartered in Bergamo and has locations in Milan, Treviglio, Lecco and Sondrio.
Porsche Holding Salzburg: Porsche Holding GmbH, headquartered in Salzburg, has been a wholly-owned subsidiary of Volkswagen AG since 1 March 2011; its operations are in wholesale, retail, financial services and IT systems development. The company was founded in 1949, and as of the end of 2017, had operations in 27 countries (Austria, Western Europe, south-eastern Europe, Colombia, Chile, China, Malaysia, Singapore and Brunei).