Les Schwab Tire Centers CEO Jack Cuniff announced the company’s intention to sell to position it for “additional growth and success,” according to a Les Schwab press release
The company has hired Goldman Sachs to help with the sale, according to an article published in USA Today this week.
Les Schwab family shareholders said in a statement Christmas Eve that the decision to sell, made “from a position of strength,” would help ensure the company’s longevity.
“This company is strong,” Cuniff said. “We believe this is the best way to honor Les’ vision for the company and stores and support growth and innovation. Our owners are responsible stewards, and this decision was made after much consideration. It was not made lightly.”
The Schwab family shareholders said in a joint statement:
“Given the complexities of a fifth-generation family business, and managing a company of our size, we are at an important point in the life of Les Schwab Tire Centers. As our family grows and ages, it is increasingly critical to us that ownership remain committed and aligned behind our Grandfather’s vision. After careful review and a lot of consideration, we concluded a new ownership group will help ensure future opportunity for our wonderful employees and secure continued success for the company as it grows. We believe a new owner – one with deep experience and resources – will carry forward the Les Schwab vision far into the future.
“Our incredible Tire Centers, and the company and communities we have built together, make us proud. As hard as it is to make the decision to sell this company, we are confident it will offer tremendous opportunity to build on all we have accomplished together for our customers, communities and our employees. We are excited to see what the future will bring.”
Les Schwab operates 492 locations with more than 7,000 employees across 10 states, including Washington, Oregon and California. As of September 2019, the company reported $1.8 billion in retail sales.
No potential buyer has been disclosed.