MILLWOOD, N.Y. — Investors led by BayPine L.P. has announced a deal to acquire Mavis Tire Express Service Corp., a network of more than 1,100 locations spread across 27 states.
BayPine signed the agreement to acquire the dealership in partnership with TSG Consumer Partners LP (TSG) and existing equity-holder 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, will retain its minority interest in the firm.
Terms of the transaction were not disclosed. It is expected to close in the second quarter of the year.
The Sorbaros will continue to serve as co-CEOs, bolstered by the a team of leaders from Mavis, Express Oil, Brakes Plus and Town Fair Tire, "all adding significant industry operating expertise," according to BayPine.
Anjan Mukherjee, managing partner at BayPine, called Mavis a "clear leader in attractive markets across the country with a proven track record of driving consistent growth through economic cycles. By leveraging BayPine's digital transformation and technology expertise, we believe there is a significant opportunity to enhance Mavis' customer experience, capture operating efficiencies and bolster the company's position as the go-to brand for auto care nationwide.
"We look forward to working closely with management as they continue to execute upon their successful consolidation strategy."
In a joint statement, Messrs. Sorbaro said they are excited to partner with BayPine and TSG, which, they said, bring significant financial, digital and operational capabilities.