• Autosports Group enters South Australian market with acquisition of Solitaire Automotive Group
• Solitaire Automotive Group has 15 new vehicle and motorcycle dealerships representing 10 brands
• Acquisition expected to be immediately accretive

Autosports Group Limited (ASX: ASG) has announced that it has entered into an agreement to acquire the Solitaire Automotive Group in South Australia. Solitaire Automotive Group is a family-owned business with a more than 50-year history, operating 15 new vehicle and motorcycle dealerships representing 10 brands, including Aston Martin, Maserati, Jaguar Land Rover, Cupra, Audi, Ducati, Volkswagen, Polestar, Volvo Cars, and Zeekr. The purchase consideration consists of $50 million for goodwill and approximately $1 million for net tangible assets, plant, and equipment. The $50 million goodwill will be funded by $25 million in cash and the remaining $25 million will be in the form of ASG shares issued at a price of $3.46. The cash portion of the purchase consideration is intended to be funded by cash and existing debt facilities. CEO of Autosports Group, Nick Pagent, stated that the Solitaire Group is a perfect fit for Autosports Group's growth strategy, as it has meaningful scale, good growth prospects, and a unique position as the sole retailer in South Australia for most of its brand portfolio. The acquisition marks Autosports Group's entry into the South Australian market and is expected to be immediately accretive.

The acquisition of the Solitaire Automotive Group is expected to be immediately accretive for Autosports Group. The Solitaire Group has meaningful scale, good growth prospects, and a unique position as the sole retailer in South Australia for most of its brand portfolio, making it a strategic fit for Autosports Group's growth strategy.