Australia’s largest automotive retail group, Eagers Automotive, has entered into a definitive share purchase agreement with CanadaOne.
Today Eagers announced it was looking to acquire a 65 per cent equity interest in the holding company of CanadaOne from entities associated with Founder Pat Priestner for AUD$1.043 billion.
The acquisition consideration comprises a AUD$658 million cash component and AUD$386 million in the economic equivalent of Eagers shares to be issued to an entity controlled by Chief Executive Officer Priestner in the form of exchangeable shares.
The leading Canadian automotive retailer operates 42 franchise dealerships.
On completion, Eagers will have an equity interest of 55 per cent indirectly in the CanadaOne operating companies alongside Priestner, dealer equity partners and other non-operating minority shareholders.
Completion is expected to occur in Q1 2026, subject to customary OEM consents and regulatory approvals, including under the Investment Canada Act.
CanadaOne will continue to be led by Priestner along with the rest of the current senior leadership team and its head office will remain in Edmonton, Alberta.
As part of the Transaction, the shareholders of CanadaOne expect to become Eagers’ second largest shareholder.
CanadaOne operates across five Canadian provinces and boasts what is regarded as a balanced and attractive OEM partner portfolio representing 20 of the 36 OEM brands in the Canadian market.
Notably this portfolio is underpinned by strong representation of Canada’s top three selling brands: Toyota, Ford and General Motors.
CanadaOne has significant property backing with ownership of the freehold property at 30 of its 42 locations, valued at circa AUD$714 million.
Eagers Automotive represents over 50 OEM brands that includes over 400 OEM dealer agreements.
It currently has two Foton EV truck dealerships in Perth and Sydney.
The acquisition is expected to present opportunities to explore the rollout of easyauto123 into the Canadian market with the CanadaOne acquisition used as a scale beachhead.
The strategic investment by Mitsubishi Corporation in easyauto123 announced separately today supports Eagers plans to accelerate its international used car market review.
CanadaOne reportedly sold 41,000 used vehicle units for the 12 months ending 30 June, 2025.
Total revenue for the period was estimated at AUD$5.5 billion factoring in sales of 48,000 new vehicle units.
Eagers Automotive CEO Keith Thornton said the company’s objective had been to pursue international growth in the best market with the best partner.
“To us, the best partner needed scale through a track record of profitable growth, deep industry experience, extensive industry talent, high quality brand partnerships and a clear, material growth runway ahead of them,” Thornton said in a statement.
“We believe we have found all these qualities in CanadaOne. CanadaOne’s founder Pat Priestner is a legendary entrepreneur in the Canadian automotive industry, and we are excited to work in partnership to accelerate all aspects of our combined growth strategy within the highly attractive and fragmented Canadian dealer market.
“With our combined OEM brand partnerships, a track record of strong performance in our respective markets and leveraging Eagers’ proprietary easyauto123 platform, we believe there is plenty of room to accelerate CanadaOne’s already impressive track record of growth.”
CanadaOne’s Dealer-Partner model, which promotes equity ownership and full alignment with the business operators, is fundamental to its culture and has underpinned its long-term performance.
It is one of the fastest growing groups in Canada and has expanded its network from 22 to 42 locations from January 2021 to June 2025.
“Since founding CanadaOne over 20 years ago, I have worked hard with my team and our dealers to make CanadaOne the best place for Canadians to buy their new car,” said CanadaOne Founder and CEO Patrick Priestner.
“We are proud that CanadaOne dealers report significantly higher new car sales compared to industry averages and while we see plenty of opportunities for growth, we believe we can accelerate them in partnership with Eagers Automotive.
“I am not planning on slowing down and when Eagers approached our business we saw a potential partner that shared our vision, our values and culture and who had a track record that presented a compelling partnership opportunity. My significant stake in Eagers Automotive demonstrates the confidence I have in this being a game-changer for CanadaOne and Eagers.”
