CHARLOTTE, N.C. (May 15, 2001) – Heafner Tire Group Inc. has announced the intent to sell its Winston Tire Co. retail division to Performance Management Inc.
Performance is a management company based in Lafayette, La., that operates 11 Allied Discount Tire stores in the state, as well as several other businesses.
Under the agreement, announced May 15, Performance will acquire the 132 retail stores of Burbank, Calif.-based Winston, which has 1,000 employees in northern and southern California. Winston has operated retail tire and automotive repair outlets since its founding in 1962. The dealership was acquired by Charlotte-based Heafner in 1997 in a stock purchase agreement from the shareholders of Oliver and Winston Inc.
Heafner President and CEO Dick Johnson said the decision to sell the chain “was made to give Heafner the opportunity to place an increased focus on our core business.
“Over the past several years, Heafner has grown very rapidly through mergers and acquisitions. We feel it is time to concentrate our strategic initiatives and resources on the integration of our distribution business.”
As part of the sale, he added, Heafner will remain a supplier to Winston.
Mr. Johnson said Heafner “wasn't necessarily looking for the quickest sale. We were looking for an organization that was firmly committed to the retail business.”
Winston Tire, he continued, “is not only strategic to Performance Management's retail objectives, it fits well with their current portfolio of businesses.”
Terms of the transaction were not disclosed.