Group 1 Automotive To Acquire Prime Automotive For Undisclosed Sum

by Shivani Kumaresan, Benzinga Staff Writer

September 13, 2021 3:37 PM | 1 min read | Make a Comment

Group 1 Automotive Inc GPI has agreed to acquire all the assets, including real estate, of Prime Automotive Group, headquartered in Westwood, Massachusetts, for an undisclosed sum.
Prime Automotive has 30 dealership locations and three collision centers in the Mid-Atlantic and New England markets.
In 2020, the Prime dealerships generated $1.8 billion in annual revenues and retailed over 52,000 new and used vehicles.
After completing the deal, Group 1's consolidated brand mix is expected to be approximately 43% luxury, 36% non-luxury import, and 21% non-luxury domestic.
Group 1 Automotive held $198.7 million in cash and equivalents as of June 30, 2021.
Price Action: GPI shares are trading higher by 2.77% at $162.66 on the last check Monday.

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