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Pitmans LLP

47 CASTLE STREET, READING, BERKSHIRE, RG1 7SR, ENGLAND
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Work +44 345 222 9222
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Pitmans advises on sale of Ridgeway Group in £106.8m deal

June 2016

Ridgeway Group, long-standing client of Pitmans, has been purchased by Marshall Motor Holdings PLC, one of the UK's leading automotive retail and leasing groups. The aggregate turnover of the two businesses will be £2.2 billion.

With centres across the middle and south of England, Ridgeway Group is a multi-franchise dealer, offering leading new and used cars, vans and trucks. Ridgeway has 12 brand partnerships through 30 franchised dealerships, including Audi, BMW and Jaguar. In 2015, the company turned over £722.6 million.

John Hutchinson, Managing Partner at Pitmans, led the £106.8m deal with corporate partner Stephanie Perry.

Hutchinson said: “We are delighted to have been able to see this deal through. We have been working with Ridgeway for the past 20 years and have built a fantastic relationship with them. I admire their passion to provide value and excellent service to their customers. The deal provides them with new platforms for growth and the shareholders are pleased to have cemented the deal with a company they have been associated with since 2007.”

With the strong relationship and in-depth knowledge of Ridgeway, built up from 20 years of working together, Pitmans was able to provide unrivalled advice from across departments to support Ridgeway in every element of the sale.

Daksh Gupta, Group Chief Executive at Marshall, said: “This is a significant strategic and value enhancing acquisition for MMH which is in line with our stated strategy at IPO to grow scale with existing brand partners.

"David Newman and his team at Ridgeway have built an excellent business with fantastic senior management, great staff, strong performance and a similar culture to MMH. I very much look forward to welcoming our new Ridgeway colleagues to the Group and working closely with them again into the future.”

Pitmans’ relationship with Ridgeway dates back to 1997, when Hutchinson first acted for David Newman, Chairman of the company, in acquiring its first dealership.

Throughout the following 20 years, Pitmans have worked very closely with the company as they have continued to grow across a range of premium brands and new locations through organic growth and strategic acquisitions.

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