Skip to main content
Sister Publication Links
  • Rubber News
  • European Rubber Journal
Subscribe
  • Login
  • Register
  • Subscribe
  • Current Issue
  • BEST PLACES TO WORK
  • News
    • HUMANITARIAN
    • TIRE MAKERS
    • COMMERCIAL TIRE
    • GOVERNMENT & LAW
    • MERGERS & ACQUISITIONS
    • OBITUARIES
    • OPINION
    • MID YEAR REPORT
    • SERVICE ZONE
  • ADAS
  • Data
    • DATA STORE
  • Custom
    • SPONSORED CONTENT
  • Resources
    • Events
    • DIRECTORY
    • CLASSIFIEDS
    • SHOP FLOOR
    • AWARDS
    • ASK THE EXPERT
    • LIVESTREAMS
    • WEBINARS
    • SEMA LIVESTREAMS
    • RUBBER NEWS EVENTS
    • BALANCING
    • DEMOUNTING
    • SAFETY
    • TIRE REPAIR
    • TPMS
    • TRAINING
    • VEHICLE LIFTING
    • WHEEL TORQUE
    • Best Places to Work
  • ADVERTISE
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. Acquisition
March 05, 2021 09:20 AM

Investment groups to acquire Mavis Tire network

Don Detore
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    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.

     

    Related Article
    Mavis Tire, Town Fair Tire to join forces, retain separate retail brands
    Mavis keeping NTB brand on stores bought from TBC

    "Importantly, our tradition of value oriented service remains unwavering as we scale the Mavis platform," the Sorbaros said in a statement. "We will continue to work hard every day to earn the trust of our valued customers and enhance our product and service offerings to meet their evolving needs. We are grateful for Golden Gate Capital's support over the past four years and are pleased they will remain investors."

    In November, Mavis and Town Fair Tire Centers Inc. agreed to combine their operations under a common umbrella, creating a retail dealership with nearly 900 locations throughout New England, the Northeast and the South.

    Based on 2019 figures, Mavis was ranked as the No. 4 retail dealership in the U.S., based on 761 locations.

    The investor group also includes StepStone Group. In addition, several financing partners led by Jefferies and Owl Rock Capital and Ares Capital Management, along with affiliates and funds managed by affiliates of Apollo Global Management Inc., are supporting the transaction.

    Bill Cooling, managing director at TSG, lauded Mavis as a leading automotive provider "with a longstanding reputation for providing customers with exceptional service."

    Pierre LeComte, managing director at TSG said the company will look to capitalize several "exciting growth opportunities, including expanding its geographic footprint and increasing its digital capabilities."

    Steve Ko, founding partner at BayPine, call Mavis an ideal business to partner with. He said the goal is to accelerate the company's technology-enabled growth.

    "We have known and respected David and Stephen for many years and we look forward to maintaining the ideals and foundation on which this iconic family business was built," Mr. Ko said.

    "Together, we will endeavor to establish a true digital presence for the business and further Mavis' reputation for offering high-quality, low-cost services to its deeply loyal customer base," Tom O'Rourke, managing director at BayPine, said.

    Golden Gate Capital Managing Director Josh Cohen said Mavis has grown exponentially after Mavis aquired Express Oil in February 2018, "while maintaining its deep-rooted commitment to integrity, trust and high-quality customer service. One month after that acquisition, Mavis purchased 11-store Sun Tire in Jacksonville, Fla.

    "With this strong foundation in place, we are confident BayPine and TSG will be excellent partners for the Company's next phase of growth. We feel privileged for the opportunity to be part of the Mavis story and are excited to support the company's continued success as a minority shareholder."

    Jefferies acted as sole financial advisor to Mavis. Covington & Burling LLP and Ropes & Gray LLP each served as legal advisor to Mavis, and to the Sorbaro family and Golden Gate Capital, respectively. Kirkland & Ellis LLP and Ropes & Gray LLP are acting as legal counsel to the investor group.

    The Sorbaro family founded Mavis in 1972.

    Letter
    to the
    Editor

    Do you have an opinion about this story? Do you have some thoughts you'd like to share with our readers? Tire Business would love to hear from you. Email your letter to Editor Don Detore at [email protected].

    Most Popular
    1
    Icahn-owned Auto Plus files for Chapter 11 protection
    2
    Goodyear to trim jobs amid 'uncertain' economic outlook
    3
    Gills Point S acquires Hogan Tires of Maine
    4
    Bridgestone Americas creates corporate philanthropy post
    5
    Truck sector leads U.S. tire market; consumer down
    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Newsletter Center

    Staying current is easy with Tire Business delivered straight to your inbox.

    SUBSCRIBE TODAY

    Subscribe to Tire Business

    SUBSCRIBE
    Connect with Us
    • Facebook
    • LinkedIn
    • Twitter
    • Instagram
    • RSS

    Our Mission

    Tire Business is an award-winning publication dedicated to providing the latest news, data and insights into the tire and automotive service industries.

    Reader Services
    • Staff
    • About Us
    • Site Map
    • Industry Sites
    • Order Reprints
    • Customer Service: 877-320-1716
    Partner Sites
    • Rubber News
    • European Rubber Journal
    • Automotive News
    • Plastics News
    • Urethanes Technology
    RESOURCES
    • Advertise
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Media Guide
    • Editorial Calendar
    • Classified Rates
    • Digital Edition
    • Careers
    • Ad Choices Ad Choices
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • BEST PLACES TO WORK
    • News
      • HUMANITARIAN
      • TIRE MAKERS
      • COMMERCIAL TIRE
      • GOVERNMENT & LAW
      • MERGERS & ACQUISITIONS
      • OBITUARIES
      • OPINION
      • MID YEAR REPORT
      • SERVICE ZONE
    • ADAS
    • Data
      • DATA STORE
    • Custom
      • SPONSORED CONTENT
    • Resources
      • Events
        • ASK THE EXPERT
        • LIVESTREAMS
        • WEBINARS
        • SEMA LIVESTREAMS
        • RUBBER NEWS EVENTS
      • DIRECTORY
      • CLASSIFIEDS
      • SHOP FLOOR
        • BALANCING
        • DEMOUNTING
        • SAFETY
        • TIRE REPAIR
        • TPMS
        • TRAINING
        • VEHICLE LIFTING
        • WHEEL TORQUE
      • AWARDS
        • Best Places to Work
    • ADVERTISE
    • DIGITAL EDITION