ROCHESTER, N.Y. — Monro Inc. has signed agreements to acquire 18 retail locations in Ohio and the Southeast, deals that are expected to add up to $17 million in annualized sales to Monro's ledger.
Monro disclosed the pending agreements as part of its second-quarter financial results. It did not identify the companies being acquired.
The deal in Ohio, covering five retail locations in existing markets, is expected to close during the company's third quarter, which ends Dec. 29. The business being acquired has a sales mix of 70 percent service and 30 percent tires. The deal is expected to be break-even to diluted earnings per share in fiscal 2019.
In the Southeast, the deal is for 13 retail locations with approximately $12 million in annual sales, split 65/35 service/tires, Monro said. The deal is expected to close during Monro's fourth quarter, ending March 31, 2019.
In addition, a previously announced seven-store acquisition, representing $8 million in annualized sales, has been delayed due to an extended due diligence period. Monro now expects that deal to close in its fourth fiscal quarter as well.
On a combined basis, acquisitions completed and announced to date in fiscal 2019 represent an expected total of $80 million in annualized sales.