ARLINGTON, Va.--(BUSINESS WIRE)--Jan. 31, 2019--
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190131005899/en/
Source: Graham Holdings Company
Pinkie Mayfield
Pinkie.Mayfield@ghco.com
(703)
345-6450