Gowan Group has announced the sale of its motor retail business to Dublin based motor retailer Brightstone Trading, which trades as Bright Motor Group.
The transaction is subject to approval by the Competition and Consumer Protection Commission.
The sale will allow the group to focus on its expanding motor distribution business.
Gowan Motor Retail sells new and used vehicles and provides aftersales services.
It has franchise agreements with Peugeot, Opel, DS, Citroen, Honda and Kia.
It is one of the country's biggest stand-alone motor retail and service operations with a facility located on the Navan Road in Dublin.
BMG is acquiring the new and used car sales business, the service and parts business and all existing franchise agreements, with the exception of Kia.
"All Gowan Motor Retail staff will move to BMG under TUPE, retaining their existing employment terms and conditions," the group said in a statement.
Gowan Group is principally associated with motor distribution representing Peugeot, Citroen, DS, Opel, Fiat, Jeep, Alfa Romeo and Honda in Ireland.
BMG was founded in 1982 as a Ford dealership on the North Circular Road.
It currently has nine franchise locations with brands comprising, Ford, Citroen, Suzuki, Seat, Hyundai, Cupra and VW Commercial.
"Given Gowan Group's strategy of evolving and expanding Gowan Auto, our motor distribution business, it is a natural step to sell our remaining motor retail operation and I am delighted that we have attracted a quality acquirer who will be a great parent for this business," Michael Dwan, CEO of Gowan Group said.
"BMG is an excellent fit, given its track record and market presence. The motor retail business has been an integral part of the Gowan Group for over 40 years so the decision to complete an exit from this business was not taken lightly," he added.
"We are very excited about this opportunity to acquire not just an established business but to further develop a strong relationship with Gowan Group as the distributor of such highly regarded brands," Ciaran O'Riordan, Managing Director of Bright Motor Group said.
"We will be taking on a strong team at Navan Road and we look forward to working with them to offer new and existing customers a premium service as part of the Bright Motor Group," he added.
