Graham Holdings Company Acquires Two Automotive Dealerships
January 31 2019 - 4:30PM
Business Wire
Graham Holdings Company (NYSE:GHC) today announced it has
acquired two automotive dealerships, Lexus of Rockville and Honda
of Tysons Corner, from Sonic Automotive, Inc. (NYSE:SAH). The
purchase price was not disclosed.
The Company also announced it has entered into an agreement with
Christopher (Chris) J. Ourisman, a member of the Ourisman
Automotive Group family of dealerships. Mr. Ourisman and his team
of industry professionals will operate and manage the acquisitions.
Graham Holdings Company holds a 90% stake.
Timothy J. O’Shaughnessy, chief executive officer of Graham
Holdings Company, said: "We are excited about the possibilities in
the automotive industry as we diversify our portfolio of companies.
This acquisition aligns with our management approach of long-term
orientation, decentralization and quality. We view this purchase as
a unique opportunity to execute our ongoing strategy of investing
in businesses that are profitable and are expected to have stable
growing years ahead. Chris Ourisman, a respected fourth generation
operator in the automotive space, has a proven track record of
operating successful dealerships and is deeply committed to the
sector. Partnering with Chris positions the business for long-term
value and success.”
“Graham Holdings Company is an ideal partner in that both
organizations share the same culture, commitment, values and
vision. The Ourisman family of dealerships have been driven by our
professional sense of stewardship, passion and innovation since our
founding in 1921. Both companies have been business leaders in the
region driven by the same multigenerational philosophy. My team and
I are looking forward to working with a truly special company in
Graham Holdings Company and creating the premier experience for
automotive clients in the greater Washington metropolitan area,”
said Christopher J. Ourisman.
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version on businesswire.com: https://www.businesswire.com/news/home/20190131005899/en/
Pinkie MayfieldPinkie.Mayfield@ghco.com(703) 345-6450
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