NEW YORK — Neuberger Berman Alternatives, a New York-based employee-owned investment management concern, has acquired a minority stake in Mavis Tire Express Services Corp. in connection with Mavis' recent acquisition of 595 retail stores from TBC Corp.
The undisclosed investment was made by several client portfolios managed by NB Alternatives Advisers L.L.C., a unit of Neuberger Berman, but proceeds from the investment were used to facilitate Mavis' acquisition of 392 NTB Tire & Service Centers and 203 Tire Kingdom Service Centers from TBC.
"We are excited to partner with management, as well as existing investors BayPine, TSG and Golden Gate Capital to support Mavis's continued growth," J.T. Munch, managing director, Neuberger Berman Alternatives, said.
"We have long admired the company and believe Mavis' demonstrated track record of high-quality service will continue to be valued by customers in the years to come."
Boston-based BayPine L.P. bought into Mavis in March 2021 in partnership with TSG Consumer Partners L.P. and West First Management (WFM), a holding company controlled by David and Stephen Sorbaro, co-CEOs of Millwood-based Mavis.
Mavis' lead financial partner, Golden Gate Capital, retained aminority interest in the firm at that time.
The purchase of the TBC retail assets solidifies Mavis' position as the largest independent retail tire and auto service dealership in the U.S. with over 2,000 company-operated points of sale and several hundred additional franchised locations.
Founded in 1939, Neuberger Berman manages a range of strategies — including equity, fixed-income, quantitative and multi-asset class, private-equity, real-estate and hedge funds — on behalf of institutions, advisers and individual investors globally.
