An executive from an investment firm that’s now one of Group 1 Automotive’s largest shareholders is going to be a member of the dealer group’s board of directors via a major stock purchase.

Group 1 announced the appointment of Benjamin Hart, who is a member of the investment team for the Acacia funds. Those investment funds are managed by Conifer Management, which purchased more than $40.5 million of Group 1 stock, according to a filing with the Securities and Exchange Commission.

Group 1’s board will expand from 10 to 11 directors when Hart officially joins on Nov. 1.

“We are very pleased to welcome Ben to our board,” said Charles Szews, Group 1’s non-executive chair of the board. “Considering our shareholders’ perspectives is central to how our board operates, and we believe there is real value in having the viewpoint of one of our largest long-term shareholders represented directly in the boardroom.

“We appreciate the constructive engagement we have had with Conifer and look forward to Ben’s contributions as we continue to execute our strategy,” Szews continued in a news release.

Hart has nearly two decades of investment experience, having previously served as a portfolio manager at Glenville Capital Management and as a senior research analyst and member of the investment selection committee at The Haverford Trust Company.

Hart currently serves on the board of directors of CelLBxHealth, a U.K.-based cancer diagnostics company, and previously served on the board of directors of Applied Technology Partners.

“Ben Hart and Conifer have been valued investors in Group 1 for many years, and we’ve developed a close relationship built on mutual respect and open dialogue,” Group 1 president and chief executive officer Daryl Kenningham said. “We have always greatly valued their thoughtful and well-considered feedback, as well as their deep understanding of our industry and Group 1’s competitive advantages and opportunities.

“We look forward to welcoming Ben to the board and working closely with him as we continue to build long-term value for all Group 1 shareholders,” Kenningham added.

Pursuant to the stockholder agreement detailed in the SEC filing, Conifer will be subject to customary standstill restrictions during the support period, including, among other things, not:

—Acquiring beneficial ownership of more than 19% of the then-outstanding common stock or voting securities

—Soliciting proxies and related matters

—Advising or knowingly encouraging any person with respect to the voting or disposition of any securities of the issuer

—Acquiring equity securities of any competitor

“I am honored to join the Group 1 board,” Hart said in the news release. “Conifer is a long-term shareholder of Group 1 because we believe in the strength of its business, its thoughtful and operationally intensive management team, and the significant opportunities that lie ahead.

“I look forward to working with my fellow directors and the management team to help capture those opportunities and drive long-term value for all of Group 1’s shareholders,” Hart went on to say.