CHARLOTTE, N.C. (June 3, 2010) — Affiliates of global investment firm TPG Capital L.P. have completed their previously disclosed buyout of American Tire Distributors Holdings Inc. (ATD) for approximately $1.3 billion.
“We are pleased to partner with American Tire's proven management team and its dedicated employees,” said Kevin Burns, a partner at TPG.
“American Tire Distributors is a strong and exciting franchise, and we believe its growth will be fueled by its continuing outstanding service to its customers.”
ATD President and CEO William Berry said TPG recognizes the “value we have built and they share our vision for a successful future.”
TPG and ATD originally disclosed TPG's buyout offer on April 20.
ATD reported a loss of $1.89 million for its most recent quarter on 4-percent higher sales of $559.6 million.
Technically speaking, according to an 8-K filing with the Securities and Exchange Commission, the deal involves the merger of ATD with Accelerate Holdings Corp., Accelerate Acquisition Corp. and Investcorp International Inc.—entitities established to effect the deal.
Following the acquisition/merger, Charlotte-based ATD's board of directors shrunk to three inviduals: Mr. Berry and ATD executive vice presidents David Dyckman and J. Michael Gaither.