A group of investors has purchased Hawaii's Lex Brodie's Tire Co. from Finova Hawaiian Holdings L.L.C. for an undisclosed amount.
LBTC Holdings L.L.C., the group of investors, is headed by Arizona investor Robert Harden, Lex Brodie's said in a statement. The group also includes Scott Williams, the tire dealership's general manager and a 20-year employee of the firm.
Lex Brodie's said the sale will not affect day-to-day operations at its five stores in Honolulu (two locations), Aiea, Waipahu and Kaneohe.
``We look forward to maintaining Lex Brodie's tradition of excellent customer service and competitive pricing,'' said David Sands, president of LBTC Holdings. ``Our goal is to support the company's continued growth and the strength of its brand.''
Mr. Williams added that the sale ``provides stability for the company and a terrific platform for continuing our high level of service.''
Alexander ``Lex'' Brodie founded the dealership in 1961 with a single tire store and gas station. Mr. Brodie had worked in the pineapple growing and canning business for 20 years before founding the business and remained active in the community, including three terms on the Oahu school board.
In 1991 Mr. Brodie sold the business to dealership executive John Mayo, but the firm was forced into foreclosure in 2002 and acquired by Finova, which then said it planned to find a buyer for the dealership.
The foreclosure came about after a plan by Mr. Mayo to expand the business failed, leaving the firm financially overextended. Mr. Mayo had hoped to take over a chain of 25 gas stations on Oahu, but the deal faltered. Finova, which had extended credit to the dealership, then forced foreclosure to protect its interests.