Massachusetts-based auto chain to be sold to Texas company
BOSTON (AP) - A Texas-based company is buying Massachusetts-based Prime Automotive Group and its 30 dealerships. Group 1 Automotive Inc. of Houston has entered into an agreement to buy Prime Automotive from New York-based GPB Capital Holdings for $880 million.
GPB Capital has been dealing with scandal that surfaced after the late Prime founder Ira Rosenberg sold the dealerships.
Rosenberg’s son was fired by the new owners after he complained of financial wrongdoing. GPB Capital’s founder and chief executive was arrested and charged with fraud.
It’s also the subject of civil lawsuits.
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