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And we thought 2020 was quite a year.
Not to take anything away from last year it was a year that won t be forgotten anytime soon, both for its heartache and heartwarming stories but this year already has proved to be quite memorable in its own right, at least in the tire and automotive service industry.
With the year barely 75 days old, there already has been enough M&A activity (mergers and acquisitions) to last a lifetime.
Prime among them, at least since the start of March, is BayPine L.P. s bid to purchase Mavis Tire Express Service Corp., a network of more than 1,100 company-owned and franchised locations spread across 27 states. The investment firm, in partnership with TSG Consumer Partners LP (TSG) and existing equity holder West First Management (WFM), a holding company controlled by Mavis co-CEOs David and Stephen Sorbaro, hope to close the deal in the second quarter.
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
Monro, Inc. Signs a Definitive Agreement to Acquire Mountain View Tire & Service, Inc.
Monro, Inc.March 10, 2021 GMT
~ Acquisition of 30 California-based Stores, Adding $45 Million in Expected Annualized Sales ~
~ Expands Presence in Attractive Western Region with a Total of 116 Stores ~
ROCHESTER, N.Y., March 10, 2021 (GLOBE NEWSWIRE) Monro, Inc. (Nasdaq: MNRO), a leading provider of automotive undercar repair and tire services, today announced that it has signed a definitive agreement to acquire California-based Mountain View Tire & Service, Inc.
The acquisition includes 30 Mountain View Tire & Auto Service retail stores located in the Los Angeles area, further solidifying the Company’s geographic footprint in California. Monro will continue to operate all of these locations.
Monro reaches deal to buy Mountain View Tire
Mountain View Tre and Auto Service shop in Eagle Rock, Calif.
ROCHESTER, N.Y. Monro Inc. is continuing its quest to grow in the West, striking a deal to buy Rancho Cucamonga, Calif.-based Mountain View Tire & Auto Service Inc., which includes 30 retail stores in the Los Angeles area.
The deal, which is expected to close during Monro s fiscal 2022 first quarter, will boost Monro s growing footprint to 76 stores in California and nearly 1,300 nationwide. Monro is considered the largest independent tire retailer in the U.S., according to
Tire Business calculations.
Financial terms are not being disclosed. Mountain View Tire represents $45 million in annualized sales, Monro said, in a 70/30 auto service/tires revenue mix.
Manley: Tire dealers look to future
Tire Business cartoon by Leo Michael
In a year that will be remembered for its death, illness and the all-around inconvenience of COVID-19, there still were moments in 2020 to smize
smile with your eyes.
For the tire industry, the year brought challenges, but vehicles still hit the road, tires wore down and business continued. Made us very thankful that we didn t own 31 restaurants, 31 movie theaters, 31 gyms, 31 barbershops or 31 nail salons or have a business that was directly tied to these other industries, Chris Mitsos, vice president of Mountain View Tire & Service Inc., said. Mountain View operates 31 locations throughout the greater Los Angeles metro area.