NEW YORK, Nov. 18, 2021 /PRNewswire/ — GPB Capital Holdings, LLC (“GPB Capital”) has finalized the sale of Prime Automotive Group to Group 1 Automotive, Inc. (“Group 1”), an international, Fortune 500 automotive retailer with 217 dealerships located in the U.S., U.K., and Brazil. This closing completes the purchase of substantially all the assets, including real estate, of 27 Prime Automotive Group dealerships and three collision centers, which was announced in September 2021.
“This transaction delivers significant value for GPB Capital’s investors and gives Group 1 access to 1,800 dedicated employees and more than two dozen of the best dealerships in the Northeast,” said Rob Chmiel, CEO of GPB Capital. “We are actively working with our independent Monitor on a plan to distribute the available proceeds from the transaction to GPB Capital’s partnership investors.”
Highline Management, Inc., which manages the day-to-day operations of GPB Capital’s sponsored partnerships, negotiated the sale with Group 1. Jefferies LLC acted as financial advisor and Skadden, Arps, Slate, Meagher and Flom LLP acted as legal advisor to Highline Management Inc., and Akerman LLP acted as legal adviser to Prime Automotive Group in connection with the Transaction.
SOURCE GPB Capital
