Skip to main content
EVENT TRACKER
Keep track of rescheduled, canceled industry events with our COVID-affected event tracker - Powered by Snap Finance
Close
Sister Publication Links
  • Rubber & Plastics News
  • European Rubber Journal
tb-logo
Subscribe
  • Login
  • Register
  • Subscribe
  • News
    • OPINION
    • CORONAVIRUS
    • AUTO INDUSTRY
    • BUSINESS/FINANCIAL
    • COMMERCIAL TIRE
    • FACTORY FIXES
    • GOVERNMENT & LAW
    • INTERNATIONAL
    • MOTOR SPORTS
    • NEW PRODUCTS
    • RETAIL TIRES
    • SERVICE ZONE
    • SEMA/AAPEX
    • SMALL BUSINESS
    • TIRE MAKERS
    • SPONSORED CONTENT
    • New round of Paycheck Protection Program funding opens
      Vaccine may usher sense of normalcy
      Cover-up: More retailers requiring face masks to curb COVID
      USW alleges COVID-19 violations at Kumho plant
    • Denso hires Joseph Wright as operations director
      Johnson named president, managing partner of Arnold Motor Supply
      Conti starts production of ‘HL' load index tires for select OE customers
      GM banking on 'BrightDrop' EV to build commercial van business
    • Q3 results disappoint for Monro, but business is trending up
      Hankook, Revvo team up to trial 'smart' tire technology in California
      ITC votes to keep duties in place on China P/LT tire imports
      NLRB certifies USW as bargaining unit for Kumho plant in Georgia
    • Goodyear, ConMet to develop tire/wheel-end digital analytics system
      Hankook, Revvo team up to trial 'smart' tire technology in California
      Love's plans to add over 30 stores in 2021 with Truck Care/Speedco services
      Linglong planning U.S. launch of 'Hubtrac' truck tire brand in 2021
    • ITC votes to keep duties in place on China P/LT tire imports
      Hwa Fong joins Taiwan tire makers' bid for alternative to import duties
      New stimulus package fixes PPP loan confusion
      USW opposes Taiwan tire makers' dumping counterproposal
    • Nokian's latest studded winter tire line to be available this summer
      Goodyear to install dynamic driving simulator at Luxembourg site
      ITC votes to keep duties in place on China P/LT tire imports
      Air France renews tire supply deal with Michelin
    • New NASCAR, F1 tire designs delayed due to COVID
      U.K. race series extends contract with Goodyear through 2026
      Goodyear Racing staying on track
      General Tire Canada renews sponsorship deal with Raceline Network
    • Nokian's latest studded winter tire line to be available this summer
      Hunter adds ‘FastBlast' bead-seating for LT/SUV tire changing
      Linglong planning U.S. launch of 'Hubtrac' truck tire brand in 2021
      Hankook doubles size range of Ventus V2 all-season UHP line
    • Q3 results disappoint for Monro, but business is trending up
      TIA to offer retail store leadership training course 5 times in 2021
      Updated ALI lifting points guide covers vehicle model years 2000-2021
      VIP Tires opens 20th store in New Hampshire, in Keene
    • Updated ALI lifting points guide covers vehicle model years 2000-2021
      Hunter adds ‘FastBlast' bead-seating for LT/SUV tire changing
      Johnson named president, managing partner of Arnold Motor Supply
      AMRA to host 5 educational webinars in Feb., March
    • WTC hosting webinar Jan. 20 on load-capacity standards
      Denver's Brian Sump named AAPEX Shop Owner of the Year
      DUB, TIS Wheels founder Myles Kovacs is SEMA Person of the Year
      AAPEX: Using social media to promote your business
    • New stimulus package fixes PPP loan confusion
      Vaccine may usher sense of normalcy
      2020 Review: PPP loans give boost to small businesses
      Latest COVID relief bill includes $325B in small-business support
    • Hankook, Revvo team up to trial 'smart' tire technology in California
      ITC votes to keep duties in place on China P/LT tire imports
      Nokian Tyres to add up to 150 jobs at U.S. factory
      Hwa Fong joins Taiwan tire makers' bid for alternative to import duties
    • Sponsored By Yokohama Tire Company
      7 questions to ask consumers when they need tires for a crossover SUV
      Sponsored By Yokohama Tire Company
      Stocking Tires for Crossover SUVs
  • SHOP FLOOR
    • BALANCING
    • DEMOUNTING
    • SAFETY
    • TIRE REPAIR
    • TPMS
    • TRAINING
    • VEHICLE LIFTING
    • WHEEL TORQUE
    • Video: Balancing Tire
      An introduction to wheel balancing
      Wheel weights: Balancing form with function
      Choosing the right balancing equipment
    • Video: Demounting
      An introduction to demounting, mounting and inflation
      Staying safe when demounting and mounting tires
      Demounting Equipment
    • Video: Safety
      Introduction: Creating a culture of safety
      Protecting your people with proper hygiene
      Making friends with OSHA
    • Video: Tire Repair
      An introduction to tire repair
      How to properly patch a puncture
      Tire repair: Shining a light on visual inspections
    • Video: TMPS Service
      An introduction to TPMS service
      The importance of proper relearn procedures
      Decoding sensor data for TPMS diagnosis
    • Video: Training
      Intro: Finding and training technicians
      Shop Floor: Scholarships
      Advantages of apprentice program partnerships
    • Video:Vehicle Lifting
      An introduction to lifts and lift safety
      Recommendations for using a jack
      Jack stands for commercial tire service
    • Video: Wheel Torque
      Introduction to proper wheel installation
      Torque check and recheck recommendations
      Using torque sticks to speed service times
  • Multimedia
    • VIDEOS
    • PHOTOS
    • PODCASTS
  • Events
    • ASK THE EXPERT
    • LIVESTREAMS
    • WEBINARS
    • SEMA LIVESTREAMS
  • Data
    • DATA STORE
  • Resources
    • DIRECTORY
    • CLASSIFIEDS
  • ADVERTISE
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. News
August 05, 2013 02:00 AM

Monro to buy Curry's Auto

Bruce Davis
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    ROCHESTER, N.Y.—Monro Muffler Brake Inc. is revving up its acquisition engine again, sealing a deal to buy Curry's Auto Service Inc.'s 10 stores in the Washington, D.C., metro area and entering takeover talks with seven more retail tire and auto service retailers ranging in size from five to 40 stores.

    Monro CEO John Van Heel said Monro is back in the acquisition market after taking a six-month break to integrate its fiscal 2013 acquisitions—nearly 100 stores in five separate transactions.

    “Based on the current transaction, the current macro environment and our existing (non-disclosure agreements), we think the acquisition environment can heat up further in the second half of the year,” Mr. Van Heel told financial analysts in a conference call covering Monro's first quarter financial report.

    “We have plenty of liquidity combined with strong cash flow to complete these deals and remain very disciplined on the prices we pay with 7 to 7.5 times EBITDA (earnings before interest, taxes, depreciation and amortization), or about 80 percent of sales being our key metric,” he said.

    “Importantly, we continue to compete only with the sellers' expectations in these deals.”

    Five of the possible acquisitions the company is contemplating are within Monro's existing market footprint, he said, with the others in adjacent markets.

    Commenting on the Curry's deal, Mr. Van Heel said the business' sales mix heavily skewed to the auto service side does not signal a shift away from the company's acquisition strategy.

    “Our multi-branding strategy allows us to have that kind of flexibility as we approach acquisition candidates,...” he said, adding that, in general, four out of five businesses Monro considers for acquisition are predominantly tire retailers.

    Monro did not disclose details of the purchase agreement but said the Curry's Auto stores generate about $18 million in sales annually, with approximately 80 percent coming from auto service and 20 percent tires.

    Monro said it plans to retain all store-level employees and the closing is expected to occur in mid-August. It will rebadge the stores as Curry's/Mr. Tire. The deal will boost Monro's presence in the D.C. area to roughly 50 stores, including 35 Mr. Tire locations.

    Curry's Auto Service is owned by Matt and Judy Curry, who established the business in 1998 and opened their 10th location earlier this year, in Leesburg, Va.

    With the opening of that shop, Curry's Auto Service expanded to nine locations in northern Virginia—Alexandria, Arlington, Chantilly, Dulles, Fairfax City, Falls Church, Gainesville, Vienna and Leesburg—to go with one in Gaithersburg, Md.

    The Gainsville-based dealership is affiliated with American Tire Distributors Holdings Inc.'s Tire Pros marketing group and earlier this year was been named to the “2013 Future 50” list—the fastest growing companies in the Washington, D.C., area—by Washington Smart CEO Magazine.

    The Currys had not commented on their business plans post-sale by the deadline for this issue.

    The acquisition will push Monro's store network to 945, including nearly 400 that are part of the firm's tire-centric store network. That total makes Monro the third largest “independent” tire retailer in the U.S.

    Monro's acquisitions in the past year included Ken Towery's Tire & Auto Service of Louisville, Ky. (27 stores); Enger Auto Service & Tires of Mentor, Ohio (11 stores); Tire King Complete Car Care of Durham, N.C. (nine stores); Tire Barn Warehouse of Anderson, Ind. (31 stores); and 17 Tuffy Muffler/Car-X locations in Wisconsin and South Carolina.

    To reach this reporter: [email protected]; 330-865-6145.

    Letter
    to the
    Editor

    Do you have an opinion about this story? Do you have some thoughts you'd like to share with our readers? Tire Business would love to hear from you. Email your letter to Editor Don Detore at [email protected].

    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Newsletter Center

    Staying current is easy with Tire Business delivered straight to your inbox.

    SUBSCRIBE TODAY

    Subscribe to Tire Business

    SUBSCRIBE
    Connect with Us
    • Facebook
    • LinkedIn
    • Twitter
    • RSS

    Our Mission

    Tire Business is an award-winning publication dedicated to providing the latest news, data and insights into the tire and automotive service industries.

    tb-logo
    Reader Services
    • Contact Us
    • About Us
    • Site Map
    • Industry Sites
    • Order Reprints
    • Customer Service: 877-320-1716
    Partner Sites
    • Rubber & Plastics News
    • European Rubber Journal
    • Automotive News
    • Plastics News
    • Plastics News China
    • Urethanes Technology
    RESOURCES
    • Advertise
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Media Guide
    • Editorial Calendar
    • Classified Rates
    • List Rental
    • Digital Edition
    • Careers
    • Ad Choices Ad Choices
    Copyright © 1996-2021. Crain Communications, Inc. All Rights Reserved.
    • News
      • OPINION
      • CORONAVIRUS
      • AUTO INDUSTRY
      • BUSINESS/FINANCIAL
      • COMMERCIAL TIRE
      • FACTORY FIXES
      • GOVERNMENT & LAW
      • INTERNATIONAL
      • MOTOR SPORTS
      • NEW PRODUCTS
      • RETAIL TIRES
      • SERVICE ZONE
      • SEMA/AAPEX
      • SMALL BUSINESS
      • TIRE MAKERS
      • SPONSORED CONTENT
    • SHOP FLOOR
      • BALANCING
      • DEMOUNTING
      • SAFETY
      • TIRE REPAIR
      • TPMS
      • TRAINING
      • VEHICLE LIFTING
      • WHEEL TORQUE
    • Multimedia
      • VIDEOS
      • PHOTOS
      • PODCASTS
    • Events
      • ASK THE EXPERT
      • LIVESTREAMS
      • WEBINARS
      • SEMA LIVESTREAMS
    • Data
      • DATA STORE
    • Resources
      • DIRECTORY
      • CLASSIFIEDS
    • ADVERTISE
    • DIGITAL EDITION