BEND, Ore. — The owners of Les Schwab Tire Centers — the nation's sixth largest independent tire dealership — have decided to pursue the sale of the privately held company and have engaged Goldman Sachs Inc. to help find a buyer or buyers.
The decision by the company's board of directors and its shareholders — who are all relatives of founder Les Schwab — decided to seek new ownership for the company at this time to "position it for additional growth and success," according to Les Schwab CEO Jack Cuniff.
The decision was made "from a position of strength and based on the realities of being a family-owned business with five generations of family members," Mr. Cuniff said in a prepared statement.
"This company is strong," he said. "We believe this is the best way to honor Les' vision for the company and stores and support growth and innovation. Our owners are responsible stewards, and this decision was made after much consideration. It was not made lightly."