AutoWallis increased its stake in Iniciál Group to 100 percent

AutoWallis Plc. has acquired an additional 40 percent of the Iniciál Group, which currently employs 140 people, thus becoming the 100 percent owner of the group, which is listed in the Premium category of the Budapest Stock Exchange. The transaction also applies to Iniciál’s activities (ICL AUTÓ Kft.) and real estate assets (INICIÁL AUTÓHÁZ Kft.), which have locations in four western Hungarian cities (Győr, Mosonmagyaróvár, Sopron, Szombathely). AutoWallis increased its stake in Iniciál after entering into a cooperation with Iniciál Group, which has nearly 30 years of car sales experience, in 2019 and acquired a majority stake in the company that is dominant in Western Hungary in 2020. Iniciál deals with the sale and brand servicing of eight car brands (Dacia, KIA, Nissan, Opel, Peugeot, Renault, Suzuki and Toyota), and the company’s sales revenue last year was 32 billion forints with a profit after tax of 413 million. The founder of Iniciál Group, Zsolt Taródy, will continue to support the company’s operations as the head of Iniciál Group after the transaction is closed. Gábor Ormosy, CEO of AutoWallis, highlighted that after the excellent cooperation established in recent years, the time has come to further increase their stake in Iniciál Group, which will enable the full integration of the company into the AutoWallis Group, which represents a total of 29 brands in 16 countries in the region.