GREENWOOD VILLAGE, Colo. — Big O Tires franchisees Monteverde Group and Leeds West Groups have agreed to share ownership of eight former NTB Tires & Service Center outlets in Texas that Monteverde Group converted to Big O stores earlier this year.
Six of the stores are located in the San Antonio area and two in the Corpus Christi market. Financial details were not released.
Greenwood Village-based Leeds West (LWG), which operates nine Big O outlets in Colorado and 90-plus Midas Auto Care locations throughout the U.S., said it will provide equity and a "strategic infrastructure infusion" to the Monteverde Group, but it will have no daily operational control.
Monteverde founder and CEO Chris Monteverde will continue to manage operations, according to LWG, which will provide "aggressive" funding aimed at growth.
Mr. Monteverdea, a Big O Tires franchisee since 2004 with 19 Big O locations in California. acquired the eight former NTB Tire stores in Texas from TBC Corp. in January and converted them to Big O signage. They are the first Big O locations in Texas, where TBC operates 100 NTB stores, primarily in the Dallas and Houston metro markets.
Judd Kyle Shader, CEO and member of the board of directors of LWG, said the investment strategy focuses on "world-class investors, and we firmly believe Chris and his team are that."
Mr. Shader said LWG can enhance revenue by leveraging growth opportunities by investing in automotive-specific purchasing and software infrastructure, "all alongside LWG current aggressive growth strategies in our current stores and current marketplaces.