EDMONTON, Alberta (Oct. 21, 2013) — Integra Tire & Auto Centres Ltd. is reincorporating with two new partners in order to improve the group's purchasing power and provide better marketing resources.
Effective Oct. 15, Integra President and CEO David Cosco incorporated a new company called Integra Tire & Auto Centres Canada Ltd. with Brad Kirk of Kirk's Tire of Lethbridge, Alberta, and Allen Ambrosie of Trail Tire Distributors Ltd. of Edmonton as partners. Mr. Cosco owns 50 percent of the new company, while Messrs. Kirk and Ambrosie share the other 50 percent, according to Integra.
Financial terms were not disclosed.
The deal apparently involves Kirk's Tire and Trail Tire,although Integra's announcement does not mention either company, refers to Messrs. Kirk and Ambrosie only to them as individual investors.
Corey Miller, president of Tirecraft Group, however, said in response to a query from Tire Business the the Integra business "is in addition to Tirecraft." Both Kirk's Tire and Trail Tire are founding members of Tirecraft Group.
"The (deal with Integra) puts both Integra and Tirecraft in a better competitive position for the future," he said.
Mr. Cosco is president, CEO and executive chairman of the new company, and Mr. Ambrosie is COO.
The new company will manage the Integra brand, which is present at 80 locations across Canada, Integra said.
"This partnership provides our stores greater access to products and significantly strengthens our ability to serve both our retail and commercial customers," Mr. Cosco said.
Mr. Ambrosie noted that Integra has a strong market presence, and "we look forward to expanding its brand footprint," and Mr. Kirk said, "Linking the commercial Integra brand with our existing tire locations will provide our commercial customers a larger servicing network."
The new company will enhance the Integra Tire brand offering, Integra said, allowing it to deliver a better customer experience. This partnership will improve Integra Tire's purchasing power and give the company greater access to marketing resources.
Mr. Cosco was involved in the founding of both Tirecraft and Integra Tire.
