RIVERSIDE, Calif. — Monro Inc. is acquiring Certified Tire & Service Centers Inc., the nation's 27th largest independent tire dealership with 40 stores in California and $45 million in annual sales.
The acquisition, expected to close in the next three months, expands Monro's footprint to the West Coast and into a new state for the Rochester, N.Y.-based tire and auto service retailer. Financial terms were not disclosed.
Monro said it will continue to operate all of Certified Tire's stores in the San Francisco, San Diego and Los Angeles metro areas, as well as a distribution center in Riverside.
"We are thrilled to announce this acquisition, which provides us with a strong platform for further expansion into a dynamic and attractive region," Brett Ponton, Monro president and CEO, said.
"The diversification of our geographic footprint in California represents a key milestone in the execution of our growth strategy and we look forward to capitalizing on future opportunities in this market. We believe that the continued execution of our Monro. Forward initiatives will position us to more effectively and efficiently integrate this and other acquisitions, creating long-term shareholder value."
The acquisition will add about $45 million in annualized sales, representing a sales mix of 70 percent service and 30 percent tires, according to Monro.
Certified Tire President Jeff Darrow said Certified's No. 1 priority has always been "providing superior tire and automotive service to our valued customers.