ROCHESTER, N.Y. (Aug. 19, 2016) — Monro Muffler Brake Inc. continues to grow by acquisition, this time striking a deal to buy Clark Tire & Auto Inc. — 26 stores in North Carolina — and closing six other deals comprising nine stores.
The pending acquisition of Clark Tire falls in line with Monro's revamped strategy to include commercial sales and service in its business mix: Two of Clark Tire's 26 locations are commercial-only stores and the dealership has a retread plant as well.
The deal also includes Clark's four wholesale locations, and Monro said it intends to continue to operate all of the dealership's locations and retain all current store employees.
The value of the deal was not disclosed, but Monro said it would finance the acquisitions through its existing credit facility.
In Monro's first quarter earnings report, President and CEO John Van Heel said Monro expected to close during the second quarter on a number of “definitive agreements” to acquire stores located within its markets. He said those deals would add approximately $40 million in annualized sales.
Current owner John D. Clark “is helping with the transition,” Monro said.
The dealership was founded in 1943 by Mr. Clark's father, John A. Clark, in Hickory, N.C., and, up to now, has been part of the Goodyear Tire & Service Network.
Monro did not say at this time what retail brand name it will use for the Clark Tire stores. The deal will nearly double Monro's presence in North Carolina, where it operates 32 stores, predominantly under the Mr. Tire brand; the total includes 18 former Colony Tire locations it acquired in 2012.
