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Monro sees Southwest as next growth target
Monro sees Southwest as next growth target
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ROCHESTER, N.Y. Monro Inc. has identified the U.S. Southwest as a high priority for growth, both in terms of acquisitions and greenfield stores, company executives told financial analysts during the firm s fiscal 2021 results conference call May 20. Recently hired top executive Mike Broderick told analysts while Monro has had success in building its presence in the West California, Idaho and Nevada Monro is missing a lot of space out in the Southwest. We don t have many stores [there], but where we have opportunities to fill in, we will.
Polk man accused of pointing weapon at Tire Choice employees
By FOX 13 News staff
Published
Booking image for Andrew Bradley (Provided by Winter Haven Police Department)
WINTER HAVEN, Fla. - A Polk County man was arrested after he was spotted in Winter Haven, on an overpass, carrying what appeared to be a rifle, but it turned out to be a pellet gun, police said.
Winter Haven police said witnesses saw a man walking along the overpass on Highway 17. On Wednesday, officers arrived around 3:10 p.m. after receiving reports of the individual pointing the possible weapon in the air and in different directions.
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.
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ROCHESTER, N.Y. Monro Inc. paid $17.4 million late last year to acquire 17 Fred Allen Tire stores in California from Fred Allen Enterprises Inc., according to Monro s third-quarter 10-Q form filed with the Securities and Exchange Commission.
Monro disclosed the agreement to buy the Fred Allen stores in late October, saying at that time it expected the stores to generate $20 million in annualized sales, with a 60/40 tires/auto service mix.
The price of roughly $1 million per store is in line with many acquisitions Monro has made over the past decade.
Monro is converting the stores, in
17 communities south of Los Angeles, to the Tire Choice retail brand it s using for its stores in the western U.S.