Benzinga | Oct 4, 2021 04:09PM EDT

Group 1 Automotive Announces Acquisition Of 2 Dealerships In Texas For ~$150M

Group 1 Automotive, Inc. (NYSE: GPI), ("Group 1" or the "Company" or the "Buyer"), an international, Fortune 500 automotive retailer with 190 dealerships located in the U.S., U.K., and Brazil, today announced the acquisition of Classic Chrysler Dodge Jeep Ram of Denton and Classic Mazda of Denton within the greater Dallas-Fort Worth metro area of Texas. These two stores are expected to generate approximately $150 million in annualized revenues.

"We are excited to expand our presence in the fast-growing Dallas-Fort Worth metro market with these strong brands," said Daryl Kenningham, President of U.S. and Brazilian Operations for Group 1 Automotive.

Group 1 currently operates 10 dealerships representing 10 brands in the Dallas-Fort Worth market.

Year to date 2021, Group 1 has completed $570 million of acquired revenues. The acquisition of these two stores brings Group 1's total U.S. dealership count to 119. With the Company's previously announced pending acquisition of Prime Automotive Group expected to close in late November 2021, the Company's total acquired revenues are expected to be at least $2.4 billion at the anticipated closing date, and Group 1's total dealership count would increase to 220 locations globally, which would include 149 U.S. locations.