Lithia & Driveway Enters into a Strategic Partnership with Pinewood Technologies and Completes Acquisition for Pendragon PLCs Fleet Management and UK Motor Divisions
MEDFORD, Ore., Feb. 1, 2024 /PRNewswire/ -- Lithia & Driveway (NYSE: LAD) announces today that it has completed the transaction with Pendragon PLC ("Pendragon", to be renamed Pinewood Technologies Group PLC "Pinewood Technologies") acquiring the UK motor and fleet management divisions of Pendragon, the UK's third largest automotive dealership group and forming a strategic partnership with Pinewood Technologies.
- MEDFORD, Ore., Feb. 1, 2024 /PRNewswire/ -- Lithia & Driveway (NYSE: LAD) announces today that it has completed the transaction with Pendragon PLC ("Pendragon", to be renamed Pinewood Technologies Group PLC "Pinewood Technologies") acquiring the UK motor and fleet management divisions of Pendragon, the UK's third largest automotive dealership group and forming a strategic partnership with Pinewood Technologies.
- Pinewood's dealer management software remains listed on the London Stock Exchange under the name Pinewood Technologies plc and will become a pure-play software-as-a-service (SaaS) business.
- These additions build on the final adjacencies contemplated in the company's strategic design outlined in 2020 and growth in the United Kingdom.
- Bryan DeBoer, Lithia & Driveway President and CEO, said:
"Today marks the formal completion of our investment in Pinewood and Pendragon.