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May 24, 2023 12:17 PM

Mavis-TBC deal tops retail tire charts

Bruce Davis
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    AKRON — Mavis Tire Express Services Corp.'s pending acquisition of TBC Corp.'s retail business, 595 retail stores in 15 states, will rank as the largest transaction in the retail tire business in the U.S. in the past 25-plus years.

    It also marks the fifth major acquisition in the past eight years for Millwood, N.Y.-based Mavis Tire Express, and one that will grow the company's retail footprint to nearly 2,000 stores in 25 states, predominantly throughout the Northeast/New England and the Southeast.

    The deal, for TBC's NTB Tire & Service Centers (392 stores) and Tire Kingdom Service Centers (203 stores), is expected to close in the coming weeks, TBC and Mavis Tire said in announcing the deal. Financial terms have as yet not been disclosed.

    The deal will expand Mavis' market presence to three new states — Tennessee, Virginia and West Virginia — and will expand its presence markedly in two other others, Maryland and Texas, where it has only a limited presence.

    The addition of the TBC holdings also will triple Mavis' presence in Florida and double its footprint in North Carolina and South Carolina.

    Mavis has been involved in six of the 10 largest mergers/acquisitions of all time in the U.S. retail tire/auto service sector, according to Tire Business research.

    Collectively, these six — acquisitions of Somerset Tire Service, Kauffman Tire's retail assets and two deals with TBC, plus "mergers" with Express Oil Change/Tire Engineers and Town Fair Tire — represent nearly 1,200 points of sale.

    The only single transaction that ranks larger than this latest Mavis/TBC deal would be Penske Corp.'s takeover of 860 Kmart auto centers in 1995.

    That venture, however, lasted only seven years before Penske pulled the plug on the Penske Auto Centers business in early 2002.

    Mavis' retail network of nearly 2,000 stores will put it comfortably ahead of No. 2 Monro Inc., with 1,299 stores, and Discount Tire/America's Tire, with 1,166 locations, the only other dealerships with more than 1,000 stores.

    It's unclear, though, whether the enlarged Mavis retail holdings will nail down the No. 1 sales crown, held currently by Discount Tire/America's Tire, which reported $6.4 billion in revenue in 2021. Tire Business has estimated TBC's annual retail-related revenue at north of $2 billion, but Mavis Tire traditionally has not disclosed sales data.

    Mavis' retail reach extends even further, however, through its Express Oil and Tuffy Tire franchising activities, which cover an estimated 250-plus retail points of sale. It also maintains a growing wholesale business.

    Related Article
    Mavis-TBC deal shakes up retail landscape
    Recent deals

    Other acquisitions carried out by Mavis over the past few years include:

    2022 —

    • Melvin's Tire Pros & Auto Service Centers with four stores, in Massachusetts and Rhode Island.
    • 18 Gateway Tire stores in Louisiana and Texas from Dunlap & Kyle Inc.
    • Jack Williams Tire & Auto Service Centers, with 39 retail stores in eastern Pennsylvania and a wholesale business serving dealers in five Eastern Seaboard states.
    • Action Gator Tire stores' retail assets, comprising 23 outlets throughout central Florida.
    • Tuffy Tire & Auto Service Centers, with 165 service centers in operation across the Midwest, South and Southeast, including 42 corporate-operated sites.

    2018 —

    • Sun Tire & Automotive Service, with 11 stores in Florida (nine in Jacksonville and two in Tallahassee);
    • Dekalb Tire, with six stores in Georgia;
    • Hill Tire Centers, with five stores in South Carolina;
    • Family Tire & Auto Service, three stores in North Carolina;
    • Frank's Discount Tire, five stores in South Carolina;
    • Rick's Tire Warehouse, two stores in Lubbock, Texas; and
    • Lang Tire & Automotive, two stores in Amarillo, Texas.
    Related Article
    Mavis acquiring TBC's NTB, Tire Kingdom business
    Sam Kato to replace Bourrut as CEO of TBC Corp.
    Letter
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    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].

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