ROCHESTER, N.Y. (Oct. 24, 2013) — Monro Muffler Brake Inc. has agreed to buy 10 retail tire stores in Delaware, Kentucky and Maryland, whose combined annual sales are about $15 million.
The stores in Delaware and Maryland will be rebadged Mr. Tire, while the Kentucky stores will be rebadged Towery's Tire, to flesh out existing store networks in those respective areas.
Monro did not identify the owners of the stores being acquired, which generate about 55 percent of revenue from tire sales and 45 percent from service.
Monro did not at this time disclose the acquisition prices.
Monro also disclosed during a conference call with analysts today it has six non-disclosure agreements in place with dealerships ranging in size from five to 40 stores. Four of these potential acquisitions are within Monro's existing footprint, according to President and CEO John Van Heel, with the other two in adjoining areas.
Monro also has closed its acquisition of 10 Curry's Auto Service stores located in the Washington D.C. metropolitan area.Annual sales for these stores are approximately $18 million, in an 80/20 auto service/tires breakdown.
The company added 12 locations and closed six locations during the quarter ended Sept. 28, ending the quarter with 940 stores.
