AKRON — Myers Industries Inc. has acquired the assets of Tuffy Manufacturing Industries Inc., a Cuyahoga Falls, Ohio-based warehouse distributor of tire repair equipment and supplies. The deal helps strengthen Myers' Distribution Segment's position in the growing commercial auto and truck fleet market.
"The acquisition of Tuffy aligns with our strategy to grow in key niche markets and focus on strategic account customers," Myers President and CEO Dave Banyard said. The acquisition — carried out at a "mid-single-digit purchase price multiple" — is expected to have a positive impact on the segment's EBITDA margin.
Tuffy will operate as part of Myers Tire Supply, and Steve Zimmerman will continue to lead Tuffy, which Myers described as a "premier customer- and service-driven operation."
Tuffy's sales for the 12 months ended June 30 were roughly $20 million, Myers said.
Mr. Banyard went on to describe the transaction as a "great example" of how Myers intends to deploy its capital for acquisitions and create both near- and long-term value for its shareholders.
Founded in 1964 by Lewis and Roslyn Zimmerman in Akron, Tuffy Manufacturing provides automotive and heavy-duty truck service-related parts, tools and accessories to tire dealers, retreaders and the trucking industry nationwide from a 50,000-sq.-ft. distribution center in Cuyahoga Falls, a city of 50,000 just north of Akron.