Monro Scoops Up Clark Tire – Auto, Plus five More Tire Dealers – Retail – Modern Tire Dealer
Monro Scoops Up Clark Tire & Auto, Plus five More Tire Dealers
Monro Muffler Brake Inc. has entered into an agreement to purchase all assets of Clark Tire & Auto Inc., based in Hickory, N.C. The deal includes twenty four retail stores, two commercial stores, a retread plant, and four wholesale locations.
«Monro plans to proceed to operate all of Clark`s locations, retain Clark`s current store associates, and grow Clark`s business,» says Joel Zaleski, vice president of acquisitions and operations support at Monro. «We are enormously pleased to welcome the outstanding team and locations of the Clark Tire and Tires Now businesses to our company.»
The acquisition is expected to be ended during Monro`s 2nd quarter of fiscal 2017, which finishes in September 2016. Zaleski says John Clark, possessor and CEO, is helping with the transition.
Clark Tire & Auto is tied for the No. Forty two spot on the Modern Tire Dealer 100.
Five more previously undisclosed deals are detailed in an Aug. Four filing by Monro with the Securities and Exchange Commission. Combined, they add eleven more stores to Monro`s portfolio.
On May eight Monro acquired one store in Florida: Pioneer Tire Pros. It`s been rebranded a Tire Choice store.
On June nineteen the company acquired four stores in Fresh Hampshire: Express Tire Centers LLC. They now operate under the Tire Warehouse name.
The next three acquisitions, plus the Clark Tire & Auto deal, are expected to close during the company`s 2nd quarter, which will end in September.
On June 26, Monro acquired a single store in Michigan: Harlow Tire Co. It operates under the Monro name.
On July ten the company acquired four stores in Minnesota from Task Holdings Inc. and Autopar Inc. They now operate under the Car-X brand. (Monro acquired the Car-X franchise in 2015.)
On July seventeen Monro bought a store in Georgia: Kwik-Fit Tire & Service Inc. It operates under the Mr. Tire name.
Counting the twenty nine McGee Tire Stores Monro acquired in May, Monro has added sixty six stores to its count since May 1.
That quick rhythm matches what Monro CEO and President John Van Heel has told investors repeatedly. In July he said, «Our confidence is underscored by our capability historically to grow our business at an accelerated rhythm in difficult markets through acquisitions.
«Fiscal two thousand seventeen is no exception, with 10% annualized sales growth through acquisitions already achieved in just the very first four months of the fiscal year. Looking ahead, we remain very optimistic about the chance to finish extra acquisitions in fiscal 2017, and further leverage our limber business model, which has permitted us to successfully navigate through any consumer or operating environment.»
