Mavis Tire Express Services’ acquisition of TBC’s retail tire business solidified its position as the largest independent tire retail dealership in North America.

The deal is the biggest transaction in the retail tire business in the U.S. in almost 30 years, dating back to Penske (NYSE: PAG)’s acquisition of 860 Kmart automotive service centers in 1995. The acquisition includes approximately 600 National Tire & Battery (NTB) and Tire Kingdom branded stores and brought New York-based Mavis’ total store count to more than 2,000 service centers across 25 states nationwide.

The NTB and Tire Kingdom stores add significant scale to the Mavis platform through a highly complementary geographical footprint, including a strong presence in Florida and Texas, both of which are key regional markets for the company.

Investor Group

Mavis is owned by an investor group led by private equity firm BayPine, as well as TSG Consumer Partners, West First Management (a holding company controlled by Mavis co-CEOs brothers David and Stephen Sorbaro) and Golden Gate Capital.

In order to fund the acquisition, the investor group brought in Neuberger Berman Alternatives as an additional partner. Neuberger acquired a minority stake in Mavis, the proceeds from which were used to facilitate the deal.

A Series of Acquisitions

Mavis has bolstered its position in the tire dealer and automotive aftermarket services industry through a series of major acquisitions in recent years, culminating with the TBC deal. Prior deals include the acquisitions of Tuffy Tire & Auto Service Centers, Action Gator Tire Stores’ retail outlets, Jack Williams Tire’s retail and wholesale businesses, and Melvin’s Tire Pros & Auto Service Centers.

For more Deals of the Year coverage, see Mergers and Acquisitions Names the 2024 Middle-Market Deals of the Year