Pep Boys has agreed to acquire Orlando-based Florida Tire for $4.4 million, the latest in a series of deals that has seen 90 independent tire dealer locations change hands over the last 60 days.
Florida Tire has 10 locations in the Orlando are, and posts annual sales of $14 million. The acquisition is expected to close Oct. 30.
Since the beginning of September, four other independent dealers have sold some or all of their businesses.
Erlanger, Ky.-based Bob Sumerel Tire sold its 30-store retail tire business to an Ohio arm of AAA. Terms of the deal were not released, but the deal did not include Sumerel Tire’s commercial tire division, which includes 12 commercial tire centers and four mixed commercial/retail locations.
Greensboro, N.C.-based Snider Tire Inc. acquired Greenville, S.C.-based Consolidated Tires Inc., with six commercial centers in South Carolina and Georgia, and one retread plant in South Carolina.
Monro Muffler Brake is buying both Tire Warehouse Central and Midwest Tire & Auto. Tire Warehouse Central, a 40-store dealership based in Keene, N.H., was purchased for $34 million. The deal also includes six franchised Tire Warehouse locations, real estate and a distribution center in Swanzy, N.H.
Based in Schereville, Ind., Midwest Tire has four retail stores in eastern Indiana. Monro said it paid $2 million for the dealership, and will convert those locations over to its Mr. Tire brand.
"This acquisition fits squarely within our stated strategy to grow through service and tire centers," said Mike Odell, Pep Boys CEO.
With this acquisition, Pep Boys now expects to open about 25 new service and tire centers in 2009, 40 new locations in 2010 and another 80 in 2011.
The chain has 570 retail stores in 35 states and Puerto Rico.
