Mavis Tire Express to Buy Pep Boys in $700 Million Cash Deal
The acquisition expands Mavis's retail footprint across the Western United States and grows its network to more than 4,400 service centers [1].
Mavis Tire Express Services Corp. (IEP) agreed to acquire The Pep Boys-Manny, Moe & Jack Holding Corp. in an all-cash transaction valued at approximately $700 million.
The deal is subject to customary purchase price adjustments. The companies did not disclose a specific premium or a definitive closing date.
Mavis said the acquisition is intended to expand its presence in new and existing markets, with a particular focus on the Western United States where Pep Boys maintains a significant retail footprint. The move grows the Mavis network to more than 4,400 service center locations across the United States and Canada.
“Today's announcement marks a significant milestone as Mavis continues to execute its growth strategy. Pep Boys is one of the most well-respected names in the automotive aftermarket, and we look forward to welcoming it into the Mavis family of brands,” said David Sorbaro, Co-Chief Executive Officer of Mavis.
The transaction follows a broader trend of consolidation within the North American automotive services sector. Boyd Group Services Inc. (BGSI) recently completed a $1.3 billion acquisition of Joe Hudson’s Collision Center to increase its regional density in the U.S. Southeast. Similarly, Driven Brands has scaled its operations to approximately 4,800 locations across North America.
The deal remains subject to customary closing conditions.