In October David Cosco and his brother, John, sold Tirecraft Auto Centers Ltd., one of Canada's largest independent tire dealerships, to an unidentified group of investors.
Both men retired from their respective positions of CEO and chairman. John Cosco also resigned as chairman and CEO of Remington Tire Distributors Inc., which also was sold to the same investor group.
Jean Michel Locarnini became president and CEO of Tirecraft Group Inc. Both Messrs. Cosco and Locarnini declined to discuss the sale. Mr. Locarnini further declined to discuss Tirecraft's new ownership and company plans for the future.
Tirecraft Group Inc. is the new legal entity, according to information gleaned from a computerized database search for Canadian corporations. Mr. Locarnini is listed as being from Uitikon-Waldegg, Switzerland. In addition, George Votis is chairman of Tirecraft Group, according to a letter sent to all Tirecraft employees and franchisees in October; the Canadian corporate registry document lists his domicle as New York.
Tirecraft posted annual sales of $321.5 million in 2004 and operates 157 franchises and 35 company-owned stores. Messrs. Cosco, along with their father and uncle, bought Tirecraft in 1985 from founder Jack Peters. At the time, Tirecraft had one franchise and 11 company stores, according to David Cosco, who subsequently became president and CEO.
The Coscos also had purchased Remington Tire's wholesale division in 1978 and had started a retail division in 1984. With the acquisition of Tirecraft, the Coscos changed the Remington Tire retail division to the Tirecraft name.