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Mintz Advises GPB Capital in Acquisition of New England’s Prime Automotive Group

Mintz advised GPB Capital on its acquisition of a majority equity stake in Westwood, Massachusetts-based Prime Motor Group. The acquisition by Capstone Automotive Group, an affiliate of GPB, expands the group’s footprint throughout New England. Prime operates more than 25 dealerships and related businesses in Massachusetts, Maine, New Hampshire, and Vermont.

In 2016, Prime’s dealerships generated more than $1.4 billion in top-line revenue and sold approximately 35,000 cars. That same year, Automotive News listed Prime as one of America’s Top 30 private auto groups based on total revenues. The purchase is expected to help GPB Capital continue to grow its automotive retail footprint, as well as streamline operations, finance inventory, and optimize business management at all of its dealerships. Prime brings new brands to Capstone’s dealerships, including brands Toyota and Honda, and as well as luxury brands Acura, Mercedes-Benz, and Volvo.

Capstone Automotive Group is a New York-based group that partners with mature, income-producing automotive dealership franchises to help them achieve the next level of growth and profitability.

GPB Capital is a New York-based alternative asset management firm focusing on acquiring income-producing private companies.

The Mintz deal team was led by Member Kurt Steinkrauss, Co-Chair of the Private Equity practice. The cross-practice team included Corporate Member Greg Fine, Special Counsel Katya Daniel, Associates Bethany Hickey and Matt Maguire; Tax Member Roy Gillig; Debt Member Joe Price and Associates Mark Nemes, Kaitlin Fox, Matt Gautier and Legal Specialist Jacqueline Cannata; Real Estate Member Allan Caggiano, Associate Jennifer Sacco Smith and Legal Specialist Rachel Lipton; Environmental Member Susan Phillips and Legal Specialist Katie Durham; Employment Member Kate Beattie and Associate Brendan Lowd; and Antitrust Special Counsel Farrah Short.