PALM BEACH GARDENS, Fla. (April 30, 2012) — Calling Midas Inc. a “terrific fit” for TBC Corp.'s Retail Group, TBC Chairman and CEO Larry Day said today after TBC completed its acquisition of Midas that his company is “dedicated to strengthening the success of our franchises.”
Mr. Day called the franchises — TBC has its own Big O Tires L.L.C. franchise program in addition to the newly acquired Midas and SpeeDee brands — a significant part of the industry that will “play a critical part in the success of our strategic plan.”
TBC's tender offer for Midas expired on April 24 with approximately 68.8 percent of Midas' outstanding shares tendered. The transaction is valued at approximately $310 million, including the assumption of approximately $137 million in debt and pension liabilities.
Midas is considered one of the world's largest providers of automotive service, offering brake, maintenance, tires, exhaust, steering and suspension services at nearly 2,250 franchised, licensed and company-owned Midas shops in 13 countries, including nearly 1,500 in the U.S. and Canada. Midas also owns the SpeeDee Oil Change business, with 160 auto service centers in the U.S. and Mexico
TBC Retail Group operates more than 1,200 franchised and company-owned tire and automotive service centers under the Tire Kingdom, Merchant's Tire & Auto Centers, NTB-National Tire & Battery and Big O Tires brands. TBC is owned by Sumitomo Corp. of America (SCOA).