Inchcape plc, the leading global automotive Distributor, today announces that it has agreed to acquire Silver Star, the official Distributor of Mercedes-Benz passenger vehicles and Daimler Trucks and Buses in Bulgaria.
Inchcape’s distribution partnership with Mercedez-Benz began in 2019 and today spans Inchcape’s three regions.
Inchcape has operated in Bulgaria since 1996. Currently* it holds c.13% market share in passenger vehicles and c. 6% market share in light commercial vehicles through longstanding partnerships with Toyota and Lexus.
This acquisition will further scale Inchcape’s share of passenger vehicles in the Bulgarian market as well as expanding its presence into the truck category.
The acquisition reflects the Group’s Accelerate+ strategy and its disciplined approach to capital allocation, which focuses on opportunities that enhance long-term shareholder returns.
In FY 2025, Silver Star generated revenue of c. £240 million (c. €280 million), with operating margins accretive to the region and Group, and employed 500 colleagues.
Duncan Tait, Inchcape Group Chief Executive, said: “This acquisition is a clear example of our Accelerate+ strategy in action: selectively building scale in small to medium markets where we can create value for our OEM partners and customers. Silver Star will strengthen our Mercedes-Benz relationship, enable us to expand into the truck category in Bulgaria and materially increase our market presence.
“We have an active M&A pipeline and the capability to capitalise on it where we see value for shareholders. Our recent transaction in Iceland is progressing well and demonstrates how we quickly integrate businesses to deliver growth and drive operational performance. We remain focused on disciplined capital allocation and on creating long-term, sustainable value for shareholders”.
The transaction is subject to customary conditions and approvals and is expected to complete in Q3, 2026. The Group will provide a further update when appropriate.
*Market share data is based on FY25 vehicle registrations