Vancouver’s Kuni Automotive is being acquired by Holman Automotive Group, a New Jersey-based dealership.
Expected to be finalized this summer, the acquisition will create one of the largest privately-owned automotive dealer networks in the United States, with 33 dealerships and more than $3 billion in overall annual revenue.
With dealerships in Washington, Oregon, California, Colorado and Kansas, Kuni Automotive will maintain its brand name and will be known as “Kuni Automotive, a Holman Enterprise.”
“Kuni Automotive is committed to actively planning for the future, because we take our role as an employer seriously and want to continue the company’s values set forth by the Kuni Family,” said Kuni Automotive CEO Greg Goodwin, in a press release. “In partnering with Holman Automotive, we are creating a company that is greater than the sum of its parts. It’s easy to get lost in the ‘bigness’ of this transaction, but ‘big’ doesn’t serve a purpose if it doesn’t improve the company.”
According to Holman CEO Carl Ortell, the acquisition comes at a time when both organizations are at their strongest.
“We are well-positioned to remain a leader in the auto industry as it continues to evolve,” said Ortell. “What’s more, we are well-placed for future growth in all of Holman’s business segments. We’re creating a company with a global footprint that will allow our people to explore new career opportunities within the larger organization.”
Terms of the deal were not disclosed.
Kuni Foundation
Both companies acknowledged that a key component of the arrangement is continuing the mission of the Wayne D. Kuni and Joan E. Kuni Foundation, the largest shareholder of Kuni Automotive. The foundation has supported cancer research and worked to enhance the lives of developmentally disabled adults since 2005.
The deal not only secures the foundation’s ability to fund its work well into the future, company officials said, but it also allows the foundation to broaden the scope and geography of its charitable outreach.
“The deal with Holman Automotive will allow Kuni to remain a leader in the auto industry for generations to come, and will ensure the foundation continues its legacy of investments in the community,” said Sean Kuni, son of Wayne and Joan Kuni.
“Our two companies share a deep culture of charity and community service,” added Melinda K. Holman, Chairman of the Board of Holman, who 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.”
