PHILADELPHIA — Icahn Automotive Group L.L.C. has completed its $37 million acquisition of Precision Auto Care Inc., franchisor of the Precision Tune Auto Care automotive service business.
The deal covers Precision Auto Care's franchising business, which covers roughly 250 Precision Tune stores in the U.S. — including 43 locations owned by Precision Auto — and 65 more locations outside the U.S., including five in Mexico.
Icahn Automotive CEO Daniel A. Ninivaggi said the deal is a "significant step in our strategy to expand our national automotive service network, and enhances our existing store footprint in support of our goal to provide customers with premium parts and services at a great value."
Precision Auto Care CEO Robert Falconi and his executive team are expected to continue under Icahn Automotive's ownership.