Private equity firm GPB Capital Holdings LLC, currently facing fraud allegations from the Securities and Exchange Commission and more than a half-dozen states, is selling its Prime Automotive Group of car dealerships for about $880m.
The sale to Houston-based Group 1 Automotive Inc. by GPB Automotive Portfolio LP, the entity formed by the New York firm for its auto dealer assets, includes 30 stores and three collision repair shops in mid-Atlantic and Northeast markets, according to a regulatory filing Monday.
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- To what extend can the relationship between the GP and board impact the company?
- How can GPs ensure trickle down change in organisations?
- How can technology help bridge the gap between GPs and management boards?
Earlier this year, GBP Capital Holdings and three individuals were charged by the Securities Exchange Commission (SEC) with allegations involving fraud and running a $1.6 billion Ponzi scheme.
Source: Wall Street Journal
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