Group 1 Automotive Announces Completion of Initial Public Offering of Common Stock
4 November 1997Group 1 Automotive Announces Completion of Initial Public Offering of Common Stock
HOUSTON, Nov. 4 -- Group 1 Automotive, Inc. (the "Company") announced today the completion of its initial public offering (the "Offering") of 5,520,000 shares of Common Stock at $12.00 per share. Of the shares offered, 5,148,136 shares were sold by the Company and 371,864 shares were sold by a stockholder of the Company. Of the 5,148,136 shares sold by the Company, 720,000 shares were sold pursuant to the exercise of the underwriters' over-allotment option. The managing underwriters for the offering were Goldman, Sachs & Co., Merrill Lynch & Co. and NationsBanc Montgomery Securities, Inc. Group 1 Automotive was founded to become a leading operator and consolidator in the highly fragmented automotive retailing industry. The Company owns 30 automobile dealership franchises located in Texas and Oklahoma, representing 21 American and Asian brands. This announcement is neither an offer to sell nor a solicitation of an offer to buy the securities. The offer is made only by the Prospectus. Copies of the Prospectus may be obtained in any jurisdiction in which this announcement is circulated only from such of the underwriters of the offering as may legally offer these securities in such jurisdiction. SOURCE Group 1 Automotive, Inc.