PALM BEACH GARDENS, Fla. — TBC Corp. and Mavis Tire Express Services Corp. have completed their deal for Mavis to acquire 595 TBC retail stores operating under the NTB Tire & Service Centers and Tire Kingdom Centers brands.
Financial terms of the transaction, disclosed on May 22, are not being disclosed. The TBC retail holdings are estimated to generate up to $2 billion in revenue annually.
The deal covers TBC's 203 Tire Kingdom stores in Florida and 391 NTB stores in the mid-Atlantic, Midwest and South — including Texas — expanding Mavis' retail holdings to nearly 2,000 stores across 28-plus states.
As part of the agreement, TBC will provide wholesale tire distribution for Mavis' combined network of approximately 2,000 retail locations operating under a variety of brands.
TBC President and CEO Sam Kato said TBC is "grateful for the countless contributions our NTB and TK associates have made to our business and their customers. We look forward to their continued successes as part of Mavis.
"This transaction is an important step in the TBC strategic growth plan as a leader in the mobility and automotive industry. We are now well-positioned to drive sustained growth and innovation with more focused business strategies to enable the company to maximize value for its customers and partners."
Earlier this year Michelin Group — one of the joint owners of TBC along with Sumitomo Corp. — reported TBC generated fiscal 2022 pre-tax operating income (EBITDA) of $293.4 million on sales revenue of $5.56 billion. Michelin did not break down TBC's business by market channel.
