NEW YORK, July 17, 2017 /PRNewswire/ -- GPB Capital has
acquired a majority stake in Kenny Ross Automotive Group, which
operates 10 automotive dealerships in the Pittsburgh metropolitan area. GPB Capital
purchased the majority ownership as part of a recapitalization of
nine of Kenny Ross Automotive Group's dealerships. Terms of the
deal, which closed on June 27, 2017,
were not disclosed.
"Kenny Ross Automotive Group has a meaningful history and solid
reputation in Pittsburgh, and
their successful dealerships serve as the ideal platform for us to
grow our industry presence in Western
Pennsylvania," said Manuel
Frederico Vianna, Managing Partner with GPB Capital.
"The franchised auto dealer industry was the largest retail
business in the U.S. in 2016, and we are eager to begin working
with the Ross family to maximize the potential of these
franchises."
"Our family has been privileged to serve our friends and
neighbors in Pittsburgh for more
than 60 years, and we look forward to working closely with GPB
Capital to achieve our long-term goals as we enter the next phase
of our growth," said Jimmy Ross,
Chairman of Kenny Ross Automotive Group. "GPB Capital is a
natural partner for us because their team shares our commitment to
our customers, our business, and meeting the needs of local
customers and families."
Jeff Lash, Brian Marshall, Brian
Brown and Stephen Jones of
GPB Capital led the transaction on behalf of the firm. The Presidio
Group LLC provided M&A advisory services to Kenny Ross
Automotive Group through its wholly owned investment bank, Presidio
Merchant Partners LLC. Jimmy Ross
has led the company his father founded in 1954 through 16
dealership acquisitions, and has accumulated more than 40 years of
automotive retail experience in the Pittsburgh market.
"We look to partner with proven portfolio companies in order to
provide capital and management expertise that enable them to
achieve the next level of growth and profitability," said
David Gentile, Founder and CEO of
GPB Capital. "We focus on income-producing private equity, and
Kenny Ross Automotive Group's proven management team and successful
track record are great examples of the key acquisition criteria we
look for in every deal that we pursue."
About GPB Capital Holdings, LLC
GPB Capital is a
New York-based asset management
firm which focuses on income-producing private equity. GPB Capital
provides their portfolio company operators with the strategic
planning, managerial insight and capital needed to enable strong
businesses to achieve the next level of growth and profitability.
GPB Capital has over $1.2 billion in
assets under management[i] and has acquired or invested in over 100
portfolio companies. For more information, please visit
www.gpb-cap.com.
Media Contact:
Dana Taormina
JConnelly
973.850.7305
dtaormina@jconnelly.com
[i] Which is different and distinct from GPB Capital's
"Regulatory AUM."
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SOURCE GPB Capital