British automotive distributor Inchcape and CATS Group of Companies have entered into a joint venture, with the former acquiring a controlling stake in the firm that distributes luxury passenger vehicles including Mercedes-Benz, Chrysler, Jeep, Dodge, Ram and Jaguar in the Philippines.
The two companies issued a joint announcement on Tuesday, saying the deal is expected to close in the second half of the year. CATS’ founder, the Ang family, will retain a 40-percent stake in the company.
“We are very pleased to be entering the new and strategically important market of the Philippines through the acquisition of a controlling stake in CATS’ Philippine operations. As the leading luxury vehicle distributor in the market, CATS has excellent OEM relationships, and we look forward to working with them and the Ang family to drive the business forward,” Inchcape’s Asia Pacific chief executive officer Ruslan Kinebas said in the statement.
Meanwhile, CATS Group of Companies founder Felix R. Ang said it is the right time for the firm to take the next step in their growth journey and have found Inchcape as the right partner.
The Philippines is a fast-growing market with an increasing demand for the luxury vehicles we provide, and we look forward to leveraging Inchcape’s leadership in digital and data to further build our distinctive market position through the provision of best in class customer service,” Ang said.