GPB Capital Sells Automotive Assets to Group 1 for $880 Million

GPB Capital Sells Automotive Assets to Group 1 for $880 Million

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 $880 million.

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.

The…