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Group 1 Automotive Announces Acquisition Of Prime Automotive Group Dealerships

Sep 13, 2021•about 4 years ago

Acquiring Company

Group 1 Automotive

Acquired Company

Group 1 Automotive

HoustonHoustonManufacturingManufacturing

Description

Group 1 Automotive, Inc. (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. In 2020, the corresponding Prime dealerships generated $1.8 billion in annual revenues and retailed over 52,000 new and used vehicles.

Company Information

Company

Group 1 Automotive

Location

Houston, Texas, United States

About

Group 1 owns and operates 259 automotive dealerships, 324 franchises and 39 collision centers in the United States and the United Kingdom that offer 36 brands of automobiles. Through its dealerships and omni-channel platform, the Company sells new and used cars and light trucks; arranges related vehicle financing; sells service and insurance contracts; provides automotive maintenance and repair services; and sells vehicle parts.

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M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed