RPM Automotive Group Limited (ASX:RPM) entered into a binding agreement to acquire Chapel Corner Service Centre Pty Limited from Nash Family for AUD 3.3 million on July 3, 2023. Under the terms, RPM will pay 50% consideration at completion while remaining 50% in 12 months (plus 60 days) and will comprise 50% cash and 50% in equity. Therefore, an initial payment upon completion of AUD 1.65 million, paid 50% in cash and 50% in equity. For the financial year ending June 30, 2023, Chapel Corner reported revenues of AUD 18.5 million and EBITDA of AUD 0.9 million. The sale and purchase agreement contains standard conditions precedent for completion, and RPM anticipates completing the acquisition on or around September 1, 2023.

RPM Automotive Group Limited (ASX:RPM) completed the acquisition of Chapel Corner Service Centre Pty. Limited from Nash Family on September, 2023.