MAPLE SHADE, N.J. — Holman Automotive today announced it will be acquiring Kuni Automotive, creating one of the largest privately owned dealer networks in the country.
The acquisition, which is expected to be finalized this summer, will connect Holman Automotive’s dealerships in New Jersey, Pennsylvania and Florida with Kuni Automotive's dealerships in Washington, Oregon, California, Colorado and Kansas. Kuni Automotive will retain its brand name and will operate as a Holman Enterprise once the acquisition is completed.
The bi-coastal dealer network will operate 33 dealerships and bring in more than $3 billion in overall annual revenue, according to Holman Automotive. The deal, according to the company, will also double its retail holdings.
“Our acquisition of Kuni comes at a time when these two organizations have never been stronger. We are well-positioned to remain a leader in the auto industry as it continues to evolve. What’s more, we are well-placed for future growth in all of Holman’s business segments,” said Holman CEO Carl Ortell. “We’re creating a company with a global footprint that will allow our people to explore new career opportunities within the larger organization.”
The majority shareholder in Kuni Automotive, the Wayne D. Kuni and Joan E. Kuni Foundation, is a charitable foundation that has supported cancer research and has worked to enhance the lives of developmentally disabled adults. As a result of the acquisition, the foundation will be able to broaden the scope and geography of its charitable outreach, according to the company.
“Our two companies share a deep culture of charity and community service,” said Melinda K. Holman, chairman of Holmam's board of directors. Once the acquisition is completed, she will join the board of the Kuni Foundation.“Knowing that more than half of the proceeds will go to the Kuni Foundation and serve people in need for decades to come is a wonderful byproduct of this transaction,” she added.
Once the acquisition is complete, William Cariss, executive vice president and chief strategy officer for Holman Automotive, will be responsible for identifying future investment opportunities across Holman’s business segments. Officials maintained, however, that Holman will remain privately owned as it continues to grow and flourish.
Originally posted on F&I and Showroom