News: AMA AMA Group acquires of a further seven vehicle repair centres, page-16

Is a couple of years old but this article by Alan Kohler should help.

http://www.theaustralian.com.au/bus...s/news-story/c7132a5f23452661ee58e7d3e860f873

It is also worthwhile reading Australian Paint & Panel. If you read through AMA based articles you'll see they sometimes break news on AMA M&A activity months before it gets announced to the ASX. Some interesting industry commentary below

http://www.paintandpanel.com.au/news/news/ibis-2016-global-focus-repair-report-australia

If industry revenue is hardly growing, and is currently valued at $3-4b (IBISWorld estimate of $7b seems inflated - especially if you read the article comments), and a roll-out strategy usually taps out at 20-30% market penetration, I'm not sure there is much further for AMA to go from here in smash repair. Potentially you could point to the development of genuine greenfield sites as a sign they are running out of viable M&A options in some Australian markets.

Pushing into a new industry in search of additional earnings, such as the recent tilt at 4WD (which is not far removed from the playbook Ray Malone used to get control of AMA) in an industry with a well established competitor in ARB, is another sign the roll-up strategy is closer to its end than beginning.