ROCHESTER, N.Y. (Nov. 1, 2013) — Monro Muffler Brake Inc.'s latest network expansion—deals to buy 10 retail tire stores in Delaware, Kentucky and Maryland—involve S&S Tire in Kentucky and Carl King Tire in Delaware and Maryland, the firm told Tire Business in response to a query.
Separately, Monro acquired Carolina Tire Pros' stores in Charlotte and Pineville, N.C., and Mitchell Tire Service's store in Glassboro, N.J., in October.
The combined annual sales of the S&S and Carl King stores—four in Kentucky, five in Delaware and one in Maryland—are about $15 million, Monro said, split about 55/45 percent tires/auto service. The Carolina Tire Pros stores add about another $2 million, according to Monro's 10Q filing for the second quarter.
The stores in Delaware and Maryland will be rebadged Mr. Tire, while the Kentucky stores in and around Lexington will be rebadged Towery's Tire, to flesh out existing store networks in those respective areas, Rochester-based Monro said.
The stores in North Carolina are now operating as TreadQuarters locations.
Camden, Del.-based Carl King Tire is a Goodyear Tire & Service dealer, founded in 1976 by Carl King. Monro's deal with S&S Tire of Lexington, Ky., covers four retail stores in Lexington proper, leaving the Lexington-based dealership with four retail stores in Kentucky, along 18 commercial truck tire centers, three retread retread plants and 10 wholesale distribution centers.
Monro did not identify the dealerships earlier when it disclosed the acquisitions as part of its second quarter earnings presentation.
Monro did not at this time disclose the acquisition prices.
Monro also disclosed during the recent conference call with analysts it has six non-disclosure agreements in place with dealerships ranging in size from five to 40 stores.
Monro acquired the Ken Towery's Tire & Auto Service business and trade name in December 2012.
This latest deal will expand that brand to 30 locations in Kentucky—including nine in Lexington—and three in Indiana.
For S&S Tire—which is part of the Best One network—the divestiture of these stores follows on the sale earlier this year of a handful of stores in the Nashville, Tenn., area. At one time, S&S had 13 retail locations in Kentucky and Tennessee.