PRESS RELEASE | DATE: July 6, 2022
Fort Lauderdale, FL., – Haig Partners LLC, the leading buy-sell advisory firm to auto, heavy truck and RV dealers in the U.S., served as the exclusive sell-side advisor to Lustine Automall in its sale to Graham Ourisman Automotive, a partnership between Graham Holdings Company (NYSE: GHC) and Chris Ourisman. Lustine Automall consists of Lustine Toyota and Lustine Chrysler-Dodge-Jeep-Ram of Woodbridge, VA.
Graham Holdings Company is a diversified holding company headquartered in Arlington, VA. It was formerly the owner of the Washington Post newspaper and Newsweek magazine. Graham Holdings now invests in a variety of industries, including automotive dealerships. Christopher J. Ourisman, a fourth generation member of the Ourisman Automotive Group family of dealerships, and his team of industry professionals will operate and manage the dealerships. GHC has also invested in four other dealerships: Ourisman Lexus of Rockville, Ourisman Honda of Tysons Corner, Ourisman Jeep of Bethesda, and Ourisman Ford of Manassas.
Alan Haig, President of Haig Partners which represented the seller, said, “We thank the Lustine Family for giving us the opportunity to represent them on the sale of their dealerships to the Graham Ourisman partnership. Mr. Burton Lustine built two highly profitable dealerships and has been a fixture in the DC Metro auto retail business for decades before passing away late last year. And we send our congratulations to Chris Ourisman and the Graham Holdings team on this acquisition that will grow their group in the DC metropolitan area, one of the best car markets in the country. We like this partnership between knowledgeable operators that have the support of the OEMs with investment firms that are looking for attractive returns on the capital they are putting to work. Toyota and Chrysler-Dodge-Jeep-Ram dealerships are performing particularly well over the past year given their ability to produce and deliver attractive products to dealers, and that they remain committed to the traditional franchise system.”
Mike Charapp and Barrie Charapp Beaty of Mahdavi Bacon Halfhill & Young, PLLC provided legal counsel to the seller.
The team at Haig Partners has been involved in the purchase or sale of 15 dealerships in Virginia. Haig Partners has advised on the sale of 29 dealerships nationwide so far in 2022.
