AutoWallis Acquires Iniciál Autóház

As a new step in the cooperation established last year with Iniciál Group, having 25 years of experiences in car trade, AutoWallis acquires 40% stake of Iniciál Autóház Ltd., the dominant car dealer in West Hungarian region, engaged in selling and servicing seven car brands.

According to the agreement, AutoWallis Plc. will acquire 40% stake of dynamically developing Iniciál Autóház Ltd. (with more than 115 employees, as the present headcount). Zsolt Taródy, the founder of the Iniciál Autóház will remain the managing director of the company that last year reported HUF 19.3 billion revenue, whereas that of AutoWallis was HUF 75.3 billion.

AutoWallis also plans to acquire a further 20% business share in Iniciál from the founder’s family, thus capturing a total 60% share in the Company, provided that the Hungarian Competition Authority approves the acquisition following the current transaction.

Referring to the transaction Gábor Ormosy, AutoWallis CEO pointed out that as a result of this step the premium brands sold by the Group members may be extended with new fleet brands with dominant position. All these actions fit well to the strategy announced a year ago, aiming to double the Company’s 2018 revenue by 2024 through organic channels and other acquisitions. The CEO added that in addition to increasing the number of traded brands, the agreement concluded with Iniciál Group last year and the recently announced acquisition will enable AutoWallis to also implement another key strategic goal of the Group, thus not only the international market share will increase, but also the number of points of sales of the Group in Hungary.