BayPine-backed Mavis agrees to acquire Pep Boys
The $700 million cash acquisition would add nearly 800 automotive-service locations and expand Mavis to more than 4,400 sites across the U.S. and Canada.
Takeaways
- Pep Boys is a Automotive-service chain providing tires, repairs, oil changes and maintenance through nearly 800 locations.
- Mavis Tire Express Services is acquiring Pep Boys with backing from BayPine and TSG Consumer Partners.
- The.
BayPine- and TSG Consumer Partners-backed Mavis Tire Express Services agreed to acquire Pep Boys from Icahn Enterprises for approximately $700 million in cash.
Pep Boys provides tires, repairs, oil changes and maintenance through nearly 800 locations across the United States and Puerto Rico.
The addition would expand Mavis to more than 4,400 service-center locations across the United States and Canada, including a larger Western U.S. footprint.
Icahn will retain Pep Boys' owned real estate, AAMCO and Precision Tune Auto Care.
Closing is subject to customary conditions.
Get tomorrow morning's tape in your inbox.
Yesterday's platforms, add-ons, recaps, and exits, cleaned up before the workday starts.