To the extent that statements in this press release are not recitations of historical fact, such statements constitute "forward-looking statements" as such term is defined in the Private Securities Litigation Reform Act of 1995.
Investors please visit and where Group 1 discloses additional information about the Company, its business, and its results of operations. Through its dealerships, the Company sells new and used cars and light trucks arranges related vehicle financing sells service contracts provides automotive maintenance and repair services and sells vehicle parts. Group 1 owns and operates 188 automotive dealerships, 242 franchises, and 48 collision centers in the United States, the United Kingdom and Brazil that offer 32 brands of automobiles. Jefferies LLC acted as financial advisor and Skadden, Arps, Slate, Meagher and Flom LLP acted as legal advisor to Highline Management Inc.įor additional information about this transaction, please see the Form 8-K that will be filed in connection with this transaction. acted as legal advisor to Group 1 Automotive, Inc. Lazard acted as financial advisor and Vinson & Elkins L.L.P. dealership count would increase to 147, which includes 46 locations in the Northeast, and 218 locations globally. With the addition of the Prime dealerships, Group 1's total U.S. Year to date 2021, Group 1 has completed $420 million of acquired revenues, and with this proposed acquisition, total acquired revenues are expected to be at least $2.25 billion at the anticipated closing date in late November. This gives us the flexibility to continue shareholder-focused capital allocation, which includes accretive acquisitions, share repurchases, dividends, and return-driven capital expenditures." credit facility pro-forma leverage ratio will be approximately 2.0x after taking into account the financing of this transaction with debt and cash on hand, and liquidity remains comfortably within our targets. Group 1's Senior Vice President and Chief Financial Officer Daniel McHenry added, "While this transaction provides a transformation in scale for our company, our U.S.
and Brazilian Operations for Group 1 Automotive. The addition of Prime Automotive enables us to extend our reach of AcceleRide ®, Group 1's industry leading digital retailing process, to even more customers," said Daryl Kenningham, President of U.S. We are also proud to welcome Prime Automotive's 1,800 employees as new teammates to the Group 1 family. "We know Prime's markets well and the opportunities they represent. Once the acquisition is completed, Group 1's consolidated brand mix is expected to be approximately 43% luxury, 36% non-luxury import, and 21% non-luxury domestic. With 30 dealership locations and three collision centers in the Mid-Atlantic and New England markets, Prime's brand portfolio includes Acura, Airstream, Audi, BMW, Buick, Chrysler, Dodge, Ford, GMC, Honda, Jeep, Land Rover, Mazda, Mercedes-Benz, MINI, Porsche, RAM, Subaru, Toyota, Volkswagen, and Volvo. Hesterberg, Group 1's President and Chief Executive Officer. We are pleased to have this opportunity to leverage our existing cost structure and to further diversify our U.S. "Group 1 has successfully operated in the Northeastern U.S. In 2020, the corresponding Prime dealerships generated $1.8 billion in annual revenues and retailed over 52,000 new and used vehicles. (NYSE: GPI), ("Group 1" or the "Company" or the "Buyer"), an international, Fortune 500 automotive retailer with 188 dealerships located in the U.S., U.K., and Brazil, today announced it has entered into a definitive agreement to purchase substantially all the assets, including real estate, of Prime Automotive Group (the "Seller"), headquartered in Westwood, Massachusetts. 13, 2021 /PRNewswire/ - Group 1 Automotive, Inc.
0 kommentar(er)
