Monro Muffler Brake is buying 18 Colony Tire retail stores in North Carolina and Virginia, while Colony is purchasing the commercial assets that Monro acquired from Kramer Tire Co. in March.
Terms of the deal were not disclosed.
With the purchase, Colony Tire acquires two former Kramer truck tire centers in Hampton and Norfolk, Va., in addition to Kramer’s former retread plant. The deal aligns with Colony’s stated plans to expand its commercial and wholesale businesses and shrink its retail business.
Rather than make retreads at the Kramer retread plant, Colony Tire will give Kramer’s former retread clients the option to become customers of Colony’s Edenton facility, which uses Michelin Retread Technology systems.
The sale of the 18 retail outlets to Monro will leave Colony Tire with only one retail store, in Edenton, N.C.