PHOENIX — Icahn Automotive Group L.L.C. is buying Advanced Auto Service & Tire Centers of Phoenix, adding 15 retail stores in the Phoenix metro area that it plans to convert to its Pep Boys Service & Tire Centers brand.
The acquisition will allow Icahn Automotive to nearly double its presence in the Phoenix area, where the company operates 20-plus Pep Boys stores.
Icahn described the deal as a "definite agreement to acquire." It did not comment on when it expects the deal to close nor on the value.
Advanced Auto owner Paul Couture opened his first store in Phoenix in 1989 and built the business steadily to 15 stores along with a wholesale business known as Tire Partners. The businesses operate under a holding known as Paragon Enterprises. Total employment is 120 plus.
Mr. Couture did not comment on the deal.
"This expansion of our service center network in Arizona will allow us to serve more customers in more neighborhoods, from Flagstaff in the north to Nogales in the south," according to Bill Ihnken, president of service for Icahn Automotive.