Ken Garff Auto Group announced Monday that it is buying out New York-based Leucadia National Corp. from its 12-year Garcadia dealership partnership.
The company said the transaction is expected to close in Q3. Early this month, terms of the deal were ratified by the boards of Leucadia and Ken Garff.
"We've had a strong relationship with Leucadia for years and are excited about the opportunity this allows both companies," Ken Garff Automotive chief executive officer Brett Hopkins said in a news release. "The move allows Ken Garff to continue to focus on our core automotive business and allows Leucadia to move forward and focus more on their core business of financial services and global investment banking."
Since partnering in 2006 to form Garcadia Auto Services, Ken Garff and Leucadia have acquired 28 dealerships in Texas, Michigan, Iowa and California.
Throughout the partnership, Ken Garff has managed the Garcadia business in conjunction with its dealerships based in Utah.
"As an 86-year-old family company, we see this as a great sign of strength at our foundation," said John Garff, chief executive officer of Ken Garff Enterprises. "We are proud of the company we've become and the opportunity this provides for the future."
Dealership strategy, staffing nor operations will change as a result of the purchase, Ken Garff Auto Group shared.