group 1 automotive inc. has accomplished the sale of its operations in Brazil.
The Houston-based seller group mentioned Tuesday that its subsidiary GPI SA LLC closed the share buy settlement transaction with Authentic Holdings SA of Brazil.
Group 1 mentioned that Authentic Holdings purchased UAB fairness stakes from Group 1 for 510 million Brazilian reais, or about $94.5 million. UAB had operated 16 dealerships as of the tip of 2021 representing BMW, Honda, Land Rover and Toyota and producing round 1.7 billion Brazilian reais, or round $315.1 million, in annual income.
Group 1 CEO Earl Hesterberg has mentioned the general public automotive retailer confronted difficulties within the progress of operations in Brazil.
“As we introduced final yr, our strategic resolution to exit the Brazilian market and reallocate capital to different progress alternatives is in the perfect curiosity of our shareholders,” Hesterberg mentioned in an announcement Tuesday. “We glance to proceed progress by way of acquisitions within the US and UK markets, whereas additionally returning capital to our shareholders.”
Group 1 ranks No. 4 in automotive information‘ checklist of the highest 150 seller teams within the US, with retail gross sales of 146,072 new automobiles in 2021. Continues to function 201 dealerships within the US and UK.