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.
Free Webinar: The Primary Step in Creating Value: How the Right Corporate Governance Can Drive Growth
- 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
Can’t stop reading? Read more
Quadrivio Group acquires majority stake in Les Secrets de Loly through Made in Italy Fund II
Quadrivio Group acquires majority stake in Les Secrets de Loly through Made in Italy Fund II...
Warburg Pincus explores sale or partnership for Southeast Asian insurer Oona
Warburg Pincus explores sale or partnership for Southeast Asian insurer Oona Warburg Pincus is...
I Squared Capital nears $10bn for flagship infrastructure fund amid sector boom
I Squared Capital nears $10bn for flagship infrastructure fund amid sector boom I Squared Capital...