Automotive group driving future growth with acquisition
D M Keith has continued to grow its presence across Yorkshire with the acquisition of Ringways Motor Group.
The Family owned business which is headquartered in Leeds has now moved up the automotive retail group rankings – AM100, which lists the top 100 automotive retail groups via turnover – by 30 places and now represents six brands with 13 showrooms across Yorkshire and Lincolnshire, employing 445 people.
It is continuing to grow with franchised partners ŠKODA, SEAT, CUPRA, Honda and following the acquisition Ford and Kia.
The deal has been described by D M Keith as a “great strategic fit” with the business highlighting that the two firms were “culturally aligned” and focused on family values.
L-R: Stephen Russell, managing director at Ringways and Angus Keith, director at D. M. Keith
“Ford being the UK number one top selling brand, with a market share of 33% on commercial vehicles and Kia which is at the forefront of their electric vehicle rollout plan, means it is a great time to join brands who are evolving and future proofing for the ever changing market.”
Keith added that the deal will enable the business to continue to invest “for future and sustainable growth”.
“We have a long-term desire to increase our portfolio and the addition of two fantastic brands is a huge step in the right direction. The expansion will see D. M. Keith move from 91 to the top 60 AM100 businesses, which is a lifelong ambition of mine. Myself and the whole D. M. Keith team are looking forward to welcoming Ringways into the D. M. Keith family”.
All Ringways employees have been transferred to D. M. Keith with the transfer of staff and assets to take place from the 30th June 2021.
Following the deal the firm will have combined annual turnover of £250million placing the business into the enviable top 60 position within the AM100 Motor groups within the UK.
NatWest provided funding support for the acquisition. Adam Turvey, senior relationship manager at NatWest, said: “It’s an exciting time for D. M. Keith as they continue to build on their successful portfolio. The business has shown incredible resilience over the last year and the expansion demonstrates just how successful it has been despite challenging economic climate. We wish them every success for the future.”
A team from Yorkshire law firm Gordons, led by Partner Duncan Firman, advised D. M. Keith on the acquisition. Steven Millward led a team from Schofield Sweeney LLP (including Jessica Fielden and Alex Aitken) who advised the outgoing shareholder.
