Porsche Holding Salzburg signs agreement to acquire Trent-based dealer group Dorigoni S.p.A.
- Three dealership locations, and Volkswagen Group brands
- Further step in PHS's strategic growth
- Acquisition subject to approval from EU competition authorities
Salzburg, 16 November 2018 - Europe's largest automotive distribution company Porsche Holding Salzburg (PHS) has taken its strategic growth in Italy a step further by signing an agreement to acquire Trent-based Dorigoni S.p.A. The acquisition is subject to approval by EU competition authorities.
Dorigoni S.p.A. is a Trent-based dealer group with a long history. It was founded in 1946 and has grown very successfully ever since. Today it sells the following Volkswagen Group brands at three locations (two in Trent and one in Rovereto): Volkswagen Passenger Cars, Volkswagen Commercial Vehicles, Audi, SEAT, ŠKODA and Porsche. A new Porsche Centre is currently under construction and will be completed in 2019.
The company employs 167 people at three locations. In 2017 it sold 3,330 new vehicles, generating turnover of €132 million. Paolo Dorigoni, owner and Managing Director of Dorigoni S.p.A., commented: "The sale of Dorigoni S.p.A. to Porsche Holding Salzburg, which we consider an exemplary company in terms of vision, strategy and results, will give our employees the opportunity to continue to help shape growth with regard to technology, management and leadership."
The planned acquisition of Dorigoni Group is PHS's third dealer acquisition this year, following the acquisition of Bergamo-based Bonaldi Group in August 2018 and the setting up of a joint venture with Vicentini S.p.A in Verona in October 2018.
"We are very pleased with the acquisitions this year, which will support our strategic growth in Italy and help strengthen our presence in northern Italy and Tuscany", said Johannes Sieberer, Executive Member of the PHS Board in charge of Retail Austria, CEE, Italy, Sweden and China.
The retail operations of PHS subsidiary Eurocar Italia S.r.l. are headed by Matthias Moser, who as a native of South Tyrol is particularly pleased with his new responsibilities. "We now have 23 dealership locations in Italy, situated in the Trentino, Friuli-Venezia Giulia, Lombardy and Tuscany regions. The Dorigoni Group ideally complements our dealership network, not only geographically but also in terms of market performance to date. I am particularly motivated to be in charge of this very successful dealership company and lead it into the future."
Porsche Holding Salzburg continues its expansion in retail in Italy
Eurocar Italia S.r.l., a wholly-owned subsidiary of Porsche Holding Salzburg, acquired Volkswagen Group Firenze, with six dealerships with high sales volumes, at the start of 2017; in August 2018, it acquired Bonaldi Group in Bergamo, with eight dealerships. The step-by-step acquisition of Vicentini S.p.A. means that within the space of just two years, Eurocar Italia will have doubled its new vehicle sales volume to around 25,600 vehicles, with 20 dealerships and an employee headcount of 850. In 2018, Eurocar Italia will generate turnover of 400 million euros (not including Bonaldi Group or Vicentini).
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).