Mavis Tire Completes $700M Acquisition of Pep Boys

By Philip Seaworth • Friday, August 21 10:46 • Permanent Link

Mavis Tire Express Services has completed its acquisition of Pep Boys from Icahn Enterprises for about $700 million in cash, adding nearly 800 Pep Boys locations to its network.

With the deal closed, Mavis says its footprint now exceeds 4,400 service center locations across the U.S. and Canada, up from roughly 3,600 before the transaction. The purchase also gives Mavis a much larger presence in the western U.S., where Pep Boys had a meaningful concentration of stores.

Pep Boys will keep its brand name and become part of the Mavis family of brands. Icahn Enterprises kept the owned real estate that had previously been transferred to it from Pep Boys, along with the AAMCO Transmissions and Precision Tune Auto Care businesses.

Mavis co-Chief Executive Officer Stephen Sorbaro said the company’s next step is integrating the two organizations and combining the store and technician teams. The market has reacted to these announcements by moving the company's shares 1.96% to a price of $6.78. Check out the company's full 8-K submission here.

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