Graham Holdings Co. — an education and media company whose operations include educational services, television broadcasting, online, print and local TV news, home health and hospice care as well as manufacturing — recently decided to diversify its portfolio even more.
And in doing so, the company decided to get into the retail car business.
Graham Holdings recently announced it has acquired two dealerships from Sonic Automotive as the publicly traded dealer group decided to dispose of Lexus of Rockville and Honda of Tysons Corner. According to a news release, the purchase price was not disclosed.
And to aid its new venture into the dealership arena, Graham Holdings also announced it has entered into an agreement with Christopher Ourisman, a member of the Ourisman Automotive Group family of dealerships.
The company indicated Ourisman and his team of industry professionals will operate and manage the acquisitions. Graham Holdings holds a 90-percent stake.
“We are excited about the possibilities in the automotive industry as we diversify our portfolio of companies, Graham Holdings chief executive officer Timothy O’Shaughnessy said. “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,” O’Shaughnessy continued.
“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,” O’Shaughnessy went on to say.
Ourisman also commented on entering into a relationship with Graham Holdings.
“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,” Ourisman said.
“Both companies have been business leaders in the region driven by the same multigenerational philosophy,” Ourisman continued. 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.”