LAVAL, Quebec (Aug. 9, 2005) — The current managers of President Tire Canada have bought the company from parent A. Picard & Sons Inc. for an undisclosed amount.
Group President, the now-independent company, will be headed by Denis Monette as president and CEO. He previously was director general of the Laval-based subsidiary. While Mr. Monette is the main shareholder, other new shareholders include Daniel Picard, Marcel Richard, Patrick Larochelle and Dennis Marshall. Group President has annual sales of more than $100 million (Canadian) and ranks among Quebec's top 500 companies as well as the largest independent tire retailers, according to Tire Business statistics.
In a statement, Mr. Monette said Group President had been courted by other potential buyers, but with this deal the company will remain in Quebec and continue its push into other Canadian markets. The dealership is present in seven provinces and operates three corporate stores, 17 President auto centres and 230 franchises under the President Tire banner.
Antoine Picard, founder of A. Picard & Sons, said he was proud that the company will continue, according to the statement.