U.S. AutoForce, a division of U.S. Venture, will acquire tire distributor Max Finkelstein, Inc., headquartered in Astoria, New York. The acquisition is expected to close Jan. 31 and Max Finkelstein will operate as a division of U.S. AutoForce under the management of the current leadership team.
Founded in 1919 with a single retail store in Astoria, New York, Max Finkelstein, Inc. has grown to become one of the largest independent wholesale tire distributors in the country. It currently operates 15 distribution centers in the Northeast and Mid-Atlantic regions, U.S. Autoforce says.
“The opportunity for U.S. AutoForce and Max Finkelstein to join forces is very strategic for the future of both companies and for our customers,” said Pat Hietpas, president of U.S. AutoForce. “After the transaction closes, we will be able to combine our resources and build on the impressive momentum Max Finkelstein has created in serving their customers so passionately for over 100 years.”
“This is an extremely exciting chapter in the history of our company,” says Ira Silver, president and CEO of Max Finkelstein. “We welcome the opportunity to provide many additional products and programs to our valued customers, while continuing to deliver an exceptional customer experience.”
After closing, U.S. AutoForce will operate 62 distribution centers servicing 45 states and is uniquely positioned in the market by distributing all major tire brands, the company says.
Wells Fargo Securities served as exclusive financial advisor and Foley & Lardner, LLP, served as legal counsel to U.S. Venture, Inc. Solomon Partners, L.P. served as exclusive financial advisor and Ropes & Gray LLP served as legal counsel to Max Finkelstein, Inc.