EAGERS Automotive Ltd has completed its investment in North American auto retailer CanadaOne Auto, securing 65 per cent of the company for $1.043 billion.

Eagers said that the acquisition was a “strategic investment” in CanadaOne – one of Canada’s largest dealership groups with 42 dealerships – that now establishes Eagers as one of the leading  publicly listed automotive retail groups globally. 

CanadaOne has a turnover of $A5.56 billion a year (2025) and a net equity valuation  of $A1.974 billion.

Pat Priestner Eagers partners CanadaOne founder

Eagers partners CanadaOne founder Pat Priestner with 30 per cent, and dealer equity partners in Canada with 15 per cent.

Eagers said that on a combined pro-forma basis for FY25, the consolidated group represents $A18.7 billion in revenue, $A968.6 million in EBITDA and $A671.9 million in profit before tax.

The completion of the investment also led to Mr Priestner buying a 5 per cent interest in  Eagers’ pre-owned car business, Easyauto123, in Australia and New Zealand.

Eagers’ CEO Keith Thornton said the completion of the strategic investment in CanadaOne was “a defining milestone for Eagers Automotive and the beginning of an exciting new chapter for both companies”.

Keith Thornton CEO Eagers

“Collaboration between the two teams over recent months has us well placed for pursuing operational best practice and strategic growth opportunities in the North American market,” he said.The investment completion links Eagers and CanadaOne’s Mr Priestner with Mitsubishi Corporation, which has invested $A50 million in buying new shares in Eagers (representing about 1.1 per cent of the issued shares) and $70 million for 20 per cent of EasyAuto123.

Eagers said that the investments of Mitsubishi Corporation (MC) and CanadaOne in the Australian listed company would “significantly broaden (Eagers’) collective expertise and international perspective”.

Mr Thornton last year told GoAutoNews Premium that MC’s investment in Eagers was strategic and he discounted speculation that it could lead to Eagers accessing used-vehicle stock from Japan for sale in Australian dealerships.

Eagers COO Edward Geschke

He said there was no “desire for parallel imports” and that this had not “formed any part of our logic for this partnership.” 

Eagers COO Edward Geschke added that: “Our intention is very much to grow our EasyAuto123 brand both domestically and abroad through this partnership, leveraging Mitsubishi Corporation’s experience and support.” 

CanadaOne said in a statement that “this dynamic partnership integrates Eagers’ automotive retail expertise and market leadership with CanadaOne’s local relationships and operational excellence, providing exciting possibilities for future growth”.

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