ROCHESTER, N.Y. — Monro Inc. disclosed recently it spent $103.6 million in the first nine months of its 2020 fiscal year to acquire 89 retail tire and automotive stores in the U.S. that represent $120 million in annualized sales potential.
The acquisitions were spread out among a dozen separate deals, the largest of which was the purchase of 40 Certified Tire & Service Centers retail locations and one distribution center in California in May 2019.
The acquisitions were financed through Monro's credit facilities; the results of operations for these acquisitions are included in our financial results from the respective acquisition dates.
Through the nine months ended Dec. 28, 2018, the acquired businesses totaled $38.7 million in revenue since being purchased by Monro, the company said in its 10Q filing for the fiscal 2020 third quarter.
In addition, Monro said it spent approximately $43 million during the nine-month period on upgrading existing facilities and systems as part of its "store refresh program." During 2019, the company converted 74 Monro Muffler locations either to Mr. Tire or Tire Choice signage, the firm disclosed in its third-quarter financial reporting.
Other key acquisitions completed during the first three quarters of fiscal 2020 include:
- 18 retail tire and automotive repair stores in Nevada and Idaho from Nevada Tire Holdings L.L.C. and Idaho Tire Holdings L.L.C., d.b.a. Superior Tire & Service;
- 12 retail tire and automotive repair stores in Louisiana from Allied Discount Tire & Brake Inc.
- 11 retail tire and automotive repair stores in California from S&S Unlimited Inc. – d.b.a. Skip's Tire & Auto; from Lloyd's Tire Service Inc.; and from BAW L.L.C.; and
- Eight retail tire and automotive repair stores in Louisiana from Atlas Tire Center Inc.; LRZ3 Auto L.L.C.; T-Boy's Tire & Automotive L.L.C.; Twin Tire & Auto Care Inc.; and Scotty's Tire & Automotive Inc.
At the end of the quarter, Monro was operating 1,289 company-owned stores and was supporting 99 franchised locations.