Hedin Mobility Group completes the acquisition of Torpedo Gruppe
Hedin Mobility Group establishes a complete automotive business and a significant retail presence in Europe’s largest car market.
Hedin Automotive GmbH has completed the acquisitions of a total of eight companies from Torpedo Garage Holding GmbH & Co. KG and Torpedo LT Investment GmbH that were announced on May 22, 2023.
The transactions comprise all automotive-related activities within Torpedo Gruppe, one of the oldest and largest dealer groups in Germany. Torpedo Gruppe provides an end-to-end retail offering to private and corporate customers, with sales of new and used passenger cars, commercial vehicles and trucks, car rental, insurance and financing solutions, as well as a complete aftermarket business.
Torpedo Gruppe represents Mercedes-Benz, smart, Hyundai, Land Rover and BYD with presence at 21 locations in six German states. In 2022, the group sold a total of 12,000 new and used vehicles, with net sales of MEUR 526 (agency business included). Approximately 1,260 people are employed in its businesses.
The acquisition of Torpedo Gruppe means that Hedin Mobility Group strengthens its collaboration with Hyundai, that was added to the Group’s brand portfolio last autumn, in addition to reinforcing its position as one of the largest Mercedes-Benz retailers in Europe.
Commenting on the completed transactions, Anders Hedin, CEO and founder of Hedin Mobility Group said: “This is a significant milestone for our Group and we are proud to take over the operations of Torpedo Gruppe and welcome all our new colleagues in Germany to Hedin Mobility Group. Now having a complete automotive business in one of the world’s largest car markets, we are advancing the Group’s position as a leading European mobility provider. Building on its rich history and strong customer relationships, we look forward to further developing Torpedo Gruppe's business in the rapidly changing automotive market.”
Dr Peter Ritter, Chairman of Torpedo Gruppe commented: “We are delighted to have found in Hedin Mobility Group a partner committed to further growth and development of our business and team. Their support and expertise will enable us to capture the considerable growth opportunities we see ahead with all of our attractive brands in our market area.”