Inchcape takeover of CATS Group controlling stake remains on track
THE move by British automotive distributor Inchcape Plc to acquire the controlling stake in local luxury vehicle distributor CATS Group of Companies is on track for completion within the first semester, according to an official of the local firm.
“That still is on track. As of now, [we still expect] early second half of the year. We complete in the first half and then we start anew with the joint venture in the second half of the year,” CATS Chief Operating Officer Francis Jonathan C. Ang told BusinessWorld on the sidelines of the 2023 Jeep Grand Cherokee L launch in Taguig City last week when asked for an update on the acquisition.
“As far as the public, our customers, are concerned, there would be no difference [in the operations],” he added.
In January, Inchcape and CATS agreed to enter into a joint venture. Under the agreement, Inchcape will take a 60% controlling stake in CATS as the foreign group expands its global footprint. The founding Ang family will retain the remaining 40% of the company.
Aside from expanding its offering, CATS is also expected to use Inchcape’s digital and data expertise to improve its operations. The acquisition is estimated to add 120 million pounds to Inchcape’s revenues.
“After over 30 successful years of operating independently, we believe the time is now right for CATS to take the next step in our growth journey,” CATS Founder Felix R. Ang said in January. “In Inchcape, we have found the right partner to drive us forward.”
Founded in 1989, CATS is the local distributor for various luxury vehicle brands like Mercedes-Benz, Chrysler, Jeep, Dodge, Ram, Jaguar, and Land Rover. The group also has dealerships for Mazda and Harley-Davidson motorcycles.
Inchcape is a global automotive distributor that carries brands such as Toyota, Subaru, Suzuki, Jaguar Land Rover, BMW, Chevrolet, Great Wall Motor, Peugeot Citroen, Harley-Davidson, Daimler, Hino, and other commercial vehicle partners.
Inchcape has a presence in Australia, Brunei, Hong Kong, Indonesia, Guam, Macau, New Zealand, Saipan, Singapore, and Thailand. The company’s headquarters in the Asia-Pacific region is in Singapore. — Revin Mikhael D. Ochave
