Mavis and Express Oil Change & Tire Engineers to Merge

Mavis and Express Oil Change & Tire Engineers to Merge

In what is being referred to as a “Transformational Transaction,” creating one of the larger auto service providers in the United States, Mavis Discount Tire (“Mavis”) today announced that it has signed a definitive agreement to merge with Express Oil Change & Tire Engineers.

In what is being referred to as a “Transformational Transaction,” creating one of the larger auto service providers in the United States, Mavis Discount Tire (“Mavis”) today announced that it has signed a definitive agreement to merge with Express Oil Change & Tire Engineers (“Express”), a Golden Gate Capital portfolio company. Upon closing, the combined company will be led by Mavis’ current Co-Chief Executive Officers, David and Stephen Sorbaro, and Express’ Chief Executive Officer, Ricky Brooks, will be named Executive Chairman. ONCAP is selling its stake in Mavis to Golden Gate Capital, which, along with the Sorbaros, will be significant shareholders in the combined company. Financial terms of the transaction, which is expected to close in the first half of 2018, were not disclosed.

“The merger of Mavis and Express unites two of the leading operators in the automotive service sector with a history of strong organic sales and service center growth. The combined company will operate more than 830 locations in 24 states across the East Coast, South and Midwest. Golden Gate Capital expects to continue to invest behind this scale platform to accelerate new unit development and to acquire additional automotive service providers in the combined company’s core and contiguous markets.

“We are thrilled to partner with Express and Golden Gate Capital to create a leading company in the auto service industry in terms of service center footprint, financial strength and service quality. We have long admired Ricky and the entire Express team, who share the same values of integrity, trust and outstanding customer service,” said David Sorbaro, Co-Chief Executive Officer of Mavis Discount Tire. “Express is the ideal partner as we continue to expand our footprint nationally. We’re grateful for ONCAP’s support throughout its ownership, and Stephen and I look forward to continuing to provide customers at Mavis and Express with the very best auto care in the industry.”

“This exciting transaction unites two customer-driven companies with a deep-rooted service ethic. Mavis has long been a leader in providing cost-effective and quality tires and service, and we are delighted for the opportunity to partner with them and benefit from each other’s expertise,” said Ricky Brooks, Chief Executive Officer of Express Oil Change & Tire Engineers. “I am confident that together, Mavis and Express will create an entirely new standard of auto care in the U.S.”

Josh Cohen, a Managing Director at Golden Gate Capital, said, “For years we have observed both Mavis’ and Express’ tireless dedication to their customers and operational excellence and we’re elated to have the opportunity to partner with the Sorbaros and Ricky. Uniting these strong, recognized brands will combine best practices and result in an acceleration of their current industry-leading growth.”

Evan Hershberg, a Managing Director at ONCAP, said, “During our ownership David and Stephen did a fantastic job expanding on their world-class platform. We’re proud of what we accomplished together and we wish Mavis, Express and Golden Gate Capital continued success.”

Jefferies is serving as the exclusive financial advisor to Mavis and is leading the financing group which includes Antares Capital, KKR Capital Markets, Angel Island Capital and Cowen. Ropes & Gray LLP and Nob Hill Law Group P.C. served as legal advisors to Golden Gate Capital and Express, and Covington & Burling LLP served as legal advisor to Mavis, the Sorbaro family and ONCAP.

You May Also Like

CMA, Double Coin appoint new regional sales manager

Patrick Etheridge, a Marine Corps combat veteran, will serve as regional sales manager for the mid-south/Rocky Mountain region.

Patrick_Etheridge-1400

CMA and Double Coin have appointed Patrick Etheridge as regional sales manager for the mid-south/Rocky Mountain region. Etheridge, a Marine Corps combat veteran, began his tire career at Bridgestone Firestone in 2004. He rose to district manager for the GCR organization and transitioned to RDH Retreading in 2013.

Beginning in 2015, Etheridge worked for GiTi Tire (USA) as a key client leader and Prinx Chengshan Tire North America as VP of sales.

BKT awarded as Top Exporter at International Customs Day 2024

The award was presented to BKT because of its commitment to providing products and services to its customers across 163 countries.

BKT-receiving-award-1400
Chapel Hill Tire partners with NCTAP on early automotive education

The partnership provides training and education to high school students through an apprenticeship program.

Chapel-Hill-Tire-New-Location-1400
Yokohama’s Geolandar tires win multiple classes at 2023 King of the Hammers

Yokohama’s Geolandar off-road tires for SUVs and pickup trucks finished first in three classes at this year’s King of the Hammers race.

KOH-Yokohama
Dunlop Motorcycle Tires promotes Chad Geer

Geer will be Dunlop Motorcycle Tires’ new director of MC product, marketing & motorsports.

Chad-Geer-Sumitomo-Dunlop-1400

Other Posts

Gallery: 2024 Off-the-Road Tire conference

Check out some of the highlights from this year’s OTR Tire Conference, featuring speakers on OTR service safety, economic outlooks and other trends.

Matt-White-live-service-group
Apollo Tyres introduces new recycling initiative

Apollo will repurpose the pledged (used) tires and use the recycled rubber crumb to create football pitches for the underprivileged.

Apollo-Expo3
Nominations for 2024’s Top Shop award are now open

Are you the next Top Shop? Do you know an independent tire dealer who deserves this honor? Nominate a shop today!

topShop-1400
Nokian Tyres receives A- sustainability score from CDP

This is the fourth consecutive year that Nokian Tyres has received an A- for its climate work.

Nokian-score-low-emissions-stock