Sumitomo Corporation acquires Bulgarian car dealer MOTO-PFOHE
The Japanese Sumitomo Corporation acquires Bulgarian car dealer MOTO-PFOHE from Hugo Pfohe GmbH. The company is official distributor of Ford, Volvo, Jaguar and Land Rover for Bulgarian market. The deal is subject of regulatory approval. The name, management, structure and subject matter of MOTO-PFOHE will remain the same after the takeover.
“With its acquisition by Sumitomo Corporation, the MOTO-PFOHE group became part of one of the most powerful integrated investment corporations worldwide, with more than 400 years of history and offices in 65 countries”, said the official statement of the Bulgarian car dealer.
MOTO-PFOHE is one of the first private car dealers in Bulgaria. It was established on July 26th, 1991 as a limited liability company, owned by German Hugo Pfohe GmbH. The company has 17 offices, as well as own trade and service complexes and dealers, in 16 cities in the country. The MOTO-PFOHE group is also the insurance broker “Pfohe Agency” EOOD and “MOTO-PFOHE Leasing” EOOD. The portfolio of the business includes selling and servicing new and used cars, short and long term rentals, full service, insurance, spare parts, accessories, financing of car transactions.
Hugo Pfohe is one of German largest car dealerships, founded in 1919. Besides the brands it offers in Bulgaria, also the company is distributor of Mazda, Kia, BMW and MINI models. The company started its business in Bulgaria, when Carl-Heinz Pfohe presented for the first time in Sofia used models of Ford. Three years later was established the subsidiary MOTO-PFOHE.
Sumitomo Corporation has strong traditions in Bulgarian, owning two plants – in Karnobat and Mezdra, producing automotive cables. Major customers are the brands of the Volkswagen Group.