Group 1 exits Brazil operations
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Group 1 Automotive has exited Brazil.
The dealer group said Tuesday it has closed on the disposition of its operations in the South American country, after nine years there.
Group 1’s wholly owned subsidiary GPI SA, LLC closed the sale under the share purchase agreement with Original Holdings S.A.
UAB Motors Participações Ltda., which is a wholly owned subsidiary of the Houston-based dealer group, was an intervening party.
Per the agreement, Original acquired all of the issued and equity interests of UAB from Group 1 for 510 million BRL in cash.
“I want to thank our employees in Brazil for their dedication and work ethic over the past nine years of Group 1's ownership,” president and chief executive officer Earl Hesterberg said in a news release.
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“This great team was instrumental in the development of a very successful and professional automotive dealership group,” Hesterberg said. “As announced last year, our strategic decision to exit the Brazilian market and redeploy capital to other growth opportunities is in the best interest of our shareholders.
“We look to continue growth via acquisitions in both the U.S. and U.K. markets, while also returning capital to our shareholders.”
