Monro Muffler Brake has entered into an agreement to purchase all assets of Norfolk, Va.-based Kramer Tire Co., which operates 20 retail locations, two wholesale tire centers and two truck tire centers.
Kramer Tire, founded in 1954, distributes Bridgestone, Continental, Goodyear, Michelin, Nexen, Pirelli and Yokohama tires, as well as other brands.
The sale is expected to be complete by the end of March. No purchase price has been disclosed. Monro said it plans to retain all employees except for some in administrative positions.
In early February
, Monro disclosed it was evaluating acquisition targets, including Midas which actually was just purchased by TBC Corp.
for $310 million. Monro reported it hoped to close on at least one deal this quarter, adding that it could, in fact, acquire two or three companies, some with between five and 40 retail locations.
During the last 12 months and not including the Kramer Tire deal, Monro has spent an estimated $38 million total to buy the 22-store Vespia Tire Centers business in New Jersey and Pennsylvania, and for seven Terry’s Tire Town retail stores in Ohio and Pennsylvania.