Prime sells automotive dealerships all through New England

ANTOINTEET: WESTWOOD-BASED PRIME AUTOMOTIVE IS SELLING ITS 30 DEALERSHIPS, INCLUDING ONES HERE IN MASSACHUSETTS, TO A LARGER COMPANY. GROUP 1 AUTOMOTIVE, INC. IS BUYING THE PRIME DEALERSHIPS AND THREE COLLISION CENTERS. THAT INCLUDES 21 DIFFERENT CAR COMPANIES. TE Y SAID IN AN SEC FILING, THAT THEY EXP

Massachusetts-based Prime Automotive Group sells 30 dealerships to Group 1 Automotive

Sale value anticipated to be $880M, in response to SEC submitting


Westwood-based Prime Automotive will promote its 30 dealerships to a bigger firm that already operates almost 200 dealerships in three nations. Group 1 Automotive, Inc. introduced plans to buy the 30 dealership areas and three collision facilities all through New England and the Mid-Atlantic area. Prime’s manufacturers embrace Acura, Airstream, Audi, BMW, Buick, Chrysler, Dodge, Ford, GMC, Honda, Jeep, Land Rover, Mazda, Mercedes-Benz, MINI, Porsche, RAM, Subaru, Toyota, Volkswagen, and Volvo. In an announcement, Group 1 specified that Prime dealerships bought greater than 52,000 new or used autos in 2020, producing $1.8 billion in annual revenues. “We all know Prime’s markets effectively and the alternatives they signify. We’re additionally proud to welcome Prime Automotive’s 1,800 workers as new teammates to the Group 1 household,” Group 1’s Daryl Kenningham stated in a press release. In an SEC submitting, Group 1 wrote that it expects to pay $880 million for the acquisition. Group 1, which operates dealerships within the U.S., U.Okay. and Brazil, stated the deal is anticipated to shut in November. After closing, the corporate says its portfolio will develop to 218 areas, together with 46 within the Northeast. To this point this yr, Group 1 reviews $420 million in income. Prime Automotive is at present owned by New York-based GPB Capital Holdings LLC. In August, the Wall Road Journal reported that GPB was making an attempt to promote the dealerships whereas its founders face legal fraud prices associated to the agency’s private-equity operations.

Westwood-based Prime Automotive will promote its 30 dealerships to a bigger firm that already operates almost 200 dealerships in three nations.

Group 1 Automotive, Inc. introduced plans to buy the 30 dealership areas and three collision facilities all through New England and the Mid-Atlantic area. Prime’s manufacturers embrace Acura, Airstream, Audi, BMW, Buick, Chrysler, Dodge, Ford, GMC, Honda, Jeep, Land Rover, Mazda, Mercedes-Benz, MINI, Porsche, RAM, Subaru, Toyota, Volkswagen, and Volvo.

In an announcement, Group 1 specified that Prime dealerships bought greater than 52,000 new or used autos in 2020, producing $1.8 billion in annual revenues.

“We all know Prime’s markets effectively and the alternatives they signify. We’re additionally proud to welcome Prime Automotive’s 1,800 workers as new teammates to the Group 1 household,” Group 1’s Daryl Kenningham stated in a press release.

In an SEC submitting, Group 1 wrote that it expects to pay $880 million for the acquisition.

Group 1, which operates dealerships within the U.S., U.Okay. and Brazil, stated the deal is anticipated to shut in November. After closing, the corporate says its portfolio will develop to 218 areas, together with 46 within the Northeast.

To this point this yr, Group 1 reviews $420 million in income.

Prime Automotive is at present owned by New York-based GPB Capital Holdings LLC. In August, the Wall Road Journal reported that GPB was making an attempt to promote the dealerships whereas its founders face legal fraud prices associated to the agency’s private-equity operations.