ROCHESTER, N.Y. (Feb. 10, 2003) — Monro Muffler Brake Inc. bought 10 stores in the South Carolina market from Frasier Tire Service Inc. for $1.3 million.
The 10 company-operated stores are in the Charleston and Columbia markets, Rochester-based Monro said. The move more than doubles the automotive service chain's presence in the South Carolina market. The purchase includes primarily inventory and equipment, while the real property will be leased.
The acquired stores had sales of roughly $7.2 million for the 12 months ending Dec. 31, Monro said. Over the next few months, the Frasier Tire name will be converted to TreadQuarters as part of Monro's plan to keep its tire businesses under the same brand name, the company said.
“The acquisition environment for 2003 looks good, with increasing opportunities,” said Monro CEO Robert G. Gross in a statement. “We have a very strong balance sheet and the capital to execute out acquisition plans.”