Saudi owner on horizon for Australian importer of Ram, Maserati, LDV, and Renault – report
After plans to list on the stock exchange stalled last year, Australian new-car importer Ateco Group could be purchased by a large Saudi company.
The independent Australian distributor of Ram, LDV, Maserati, and Renault cars in may soon have a new owner.
Saudi Arabian company Abdul Latif Jameel is understood to have put in a bid for Ateco Group, which looks after the importation and distribution of a number of major car brands within Australia.
According to a report from the Australian Financial Review, Abdul Latif Jameel – which has operations in transportation, engineering and manufacturing, financial services, real estate, energy, healthcare, consumer products, and advertising sectors – has valued Ateco at $800 million.
Abdul Latif Jameel manages the distribution and retail outlets for Toyota, Lexus, MG, and Ford in markets across the Middle East and North Africa.
Ateco also oversees the importation and distribution of Ram, Jeep, Maserati, Alfa Romeo, Fiat, and BYD for the New Zealand market, and reportedly has operations in South Africa.
In 2021, Ateco made moves to list the business on the stock exchange – with a valuation of $1 billion being reported at the time – but those plans stalled in early 2022 according to The Australian.
For almost four decades, Ateco Group has been owned and led by Neville Crichton – a New Zealand-born businessman and retired racing car driver, who co-drove with Peter Brock, Alan Jones, Dick Jonson, John Bowe, Tony Longhurst, and Geroge Fury.
Mr Crichton, 77, acquired Ateco Group in 1985 – originally known as the Australian Tractor and Engineering Company – holding the import licence for Suzuki cars in New South Wales and the ACT.
Ateco has imported a large number of car brands into Australia at different points over the past 38 years, including Volkswagen, Audi, Citroen, Alfa Romeo, Kia, Fiat, Ferrari, Maserati, Great Wall Motors, LDV, Chrysler, Dodge, Renault, and one of the biggest success stories in recent times – Ram pick-ups.
In February 2023, the company celebrated a major milestone, with 20,000 Ram pick-ups having been converted to right-hand-drive locally.
Fellow US car giant Chevrolet followed Ram to Australia with its Silverado pick-up, and the pair will soon be joined by the Ford F-150 and Toyota Tundra.
A spokesperson for Ateco Group declined to comment on the potential take-over when approached by Drive.
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