Car dealership Jacksons, which has a branch in the island, has been bought out by a Dutch company.
Van Mossel, an automotive group, has announced the acquisition of Jacksons Group, which has six locations and 500 employees.
The transaction has been submitted to the Jersey Competition Regulatory Authority (JCRA) and is expected to be completed by the end of July.
With this acquisition, Van Mossel will gain locations in the Channel Islands, the Isle of Man and the Isle of Wight.
Eight of the nine brands sold by Jacksons are new to Van Mossel’s current portfolio, namely Aston Martin, Bentley, BMW, BMW Motorrad, Honda Motorbikes, Lexus, MINI, Porsche, and Toyota.
With sales of €250 million, Jacksons is one of the largest dealer groups in the UK. With this acquisition, Van Mossel is reaffirming its European ambitions, the group says.
Paul Collier, chief executive of Jacksons, says there will be no job losses as a result of this.
He said: ‘I’m delighted to announce the agreement with Van Mossel.
‘We have been negotiating for a significant period of time and I’m confident that their investment and expertise will further enhance our performance and service offerings.
‘Van Mossel is a leading automotive group in Europe and a significant reinforcement of our operations. I look forward to working with them to future-proof the business on the islands.
‘All employees will be retained to facilitate the growth of this unique company. Moreover, the proven concept of Van Mossel allows us to offer our customers more services under one roof in the future. A win-win situation.’
It follows another acquisition of European company Benelux.