Tony Ireland

AP EAGERS has moved back on the acquisition trail, this week buying the operating company of the five-franchise operation of Tony Ireland Townsville for up to $7 million.

The Townsville-based business has five car and truck brands – Holden, HSV, Jaguar Land Rover and Isuzu Trucks – and also sells and leases Hyundai Forklifts.

In a statement, AP Eagers said the company employs 110 staff and generates about $85 million in annual revenue.

“The total consideration for goodwill and net assets will range between $5.5 and $7 million based on the performance of the businesses over the next three years,” AP Eagers said in a statement to the Australian Stock Exchange.

In a separate deal, the property that those businesses stand on has been bought by a third party, which has other properties on lease to Eagers, but Mr Ireland has retained other dealership properties in Townsville that are on lease to the Pickering Group.

The transaction is expected to be completed by the fourth quarter in 2016 and earnings per share to contribute to Eagers accounts in 2017. The transaction is subject to satisfactory due diligence, completion of formal transaction documentation and manufacturer approval.

Mr Ireland is following medical advice to cut back on his business activities but he retains his interests in Atherton selling Holden, Mitsubishi and Honda and another in Mareeba selling Holden and Honda.

Founded in 1985, the Tony Ireland Group is regarded by AP Eagers as an iconic business name in the Townsville region, and recognised as a strong supporter of the local community.

Tony Ireland’s community involvement includes being chairman of the Salvation Army advisory board for North Queensland, chairman of the Economic Development Board of Townsville, founding director of the

Townsville Crocodiles basketball team, chairman of the National Holden Dealer Council and has served for 10 years on the Holden Forward Model Planning Group.

He is also the sponsor of the town’s sports centre, the Tony Ireland Stadium.

Mr Ireland is a member of the prominent north Queensland dealer family founded more than 90 years ago in Cairns. His father Ron Ireland became an iconic GM and Holden dealer in post-war Australia and his brothers Richard and David run the Cairns dealership, still selling Holden and HSV as well as Mitsubishi, Fiat, Alfa Romeo, Jeep, Chrysler, Dodge and Isuzu trucks.

By Neil Dowling and John Mellor