Monro to Acquire ProCare Automotive Out of Bankruptcy - Tire Review Magazine

Monro to Acquire ProCare Automotive Out of Bankruptcy

(Akron/Tire Review) Monro Muffler Brake Inc. plans to buy ProCare Automotive Service Solutions Inc., currently in Chapter 11 bankruptcy.

The $14 million cash deal gives Monro 82 additional retail locations in Ohio, Pennsylvania and Kentucky.

“We are excited about the potential acquisition of ProCare, as its regional heritage and industry expertise would complement our existing business and enhance our market share,” said Robert Gross, Monto’s president and CEO. “Moreover, it fits squarely with our stated strategy to seek attractively priced acquisitions that expand our reach within our geographic footprint.”

Monro said it plans to operate the ProCare stores as either service or tire stores, and plans to retain all of ProCare’s employees.

As a result of this deal, Monro has reworked its agreement with Strauss Discount Automotive, giving Monro until Sept. 30 to buyout the remaining 87% of Strauss that it does not already own. Monro purchased a 13% stake in Strauss in October 2005 and had the option to acquire an additional 20% on or before Mar. 31, and the remaining 67% anytime prior to Apr. 1, 2007.

“We are pleased with our progress on the Strauss transaction and look forward to having Strauss Discount Automotive join Monro,” said Gross. “I have always said that it would not be prudent to attempt two large acquisitions simultaneously and the timing of ProCare’s filing required our immediate attention so as not to lose the opportunity. I am thrilled with the prospect of further accelerating our growth in fiscal 2007.”

Monro operates 626 stores and 16 dealer locations in the eastern U.S. under the names of Monro Muffler Brake and Service, Speedy Auto Service by Monro, Mr. Tire and Tread Quarters Discount Tires.

You May Also Like

Bridgestone Americas Releases 2022 DE&I Annual Report

The 2022 DE&I Annual Report outlines improvements Bridgestone has made in its three DE&I focus areas.

Bridgestone announced the release of its 2022 DE&I annual report. The report includes a detailed scorecard on its diversity representation across the US and Latin America along with a breakdown of its DE&I commitments, strategy and efforts in the last year.

“The release of our second DE&I Annual Report further solidifies our focus on empowering our teammates and the communities where we live, move, work and play,” said Ebonee Davis Ifeobu, vice president of diversity, equity and inclusion at Bridgestone Americas. “Last year, we made a commitment to build upon the DE&I framework already in place and doubled down on our efforts to listen, learn and evolve. While this is an ongoing and intentional journey, I’m proud of the strides we’ve made thus far.”

What Does it Mean to Have Sustainably Sourced Tires?

Sustainability starts at the source, and tire manufacturers are thinking about where rubber comes from more than ever.

TR-Continental-Featured-Image-Sustainable-Tires2
CEAT Receives Lighthouse Certification from World Economic Forum

The certification is given to manufacturers that use Industry 4.0 technologies.

CEAT-receives-Lighthouse-certification-
Nokian Tyres Holds Innovation Challenge Finals

Sustainability at the top of mind for Nokian Tyres during its innovation challenge.

Nokian-Tyres-1400
Apollo Tyres Receives ISO Certification for Sustainability

Apollo Tyres underwent a three-stage assessment for the certification.

apollo-chennai-india-plant-sustainability

Other Posts

Discount Tire Announces ‘Defending Daytona’

The series will highlight Austin Cindric, driver of the No. 2 Discount Tire Ford Mustang, as he prepares to defend his title at the Daytona 500.

Discount Tire Defending Daytona
Hunter’s BL Series Bench Lathes Now Connects with HunterNet 2

With the new connectivity, shop owners and managers will be able to view before and after-cut results for rotors and drums online.

brake-bl-bench-lathe-hunter-engineering
GRI Receives US DOT Certification for Safety

GRI tires will now have a DOT code embossed on their sidewalls.

DOT-CERTIFICATION-GRI-Tires
Five Tire Trends You Need to Know

We’re talking about recent industry trends that you can take advantage of when running your tire business.

RwtN Featured Image EP20