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Mavis Discount Tire and Express Oil Change & Tire to Merge

| February 26, 2018

mavis

Mavis Discount Tire has signed a agreement to merge with Express Oil Change & Tire Engineers, creating one of the largest independent automotive service platforms in the United States.

The combined company will be led by Mavis’ current Co-Chief Executive Officers, David and Stephen Sorbaro, and Express’ Chief Executive Officer, Ricky Brooks, will be named Executive Chairman. ONCAP is selling its stake in Mavis to Golden Gate Capital, which, along with the Sorbaros, will be significant shareholders in the combined company. Financial terms of the transaction, which is expected to close in the first half of 2018, were not disclosed

The merger of Mavis and Express unites two of the leading operators in the automotive service sector with a history of strong organic sales and service center growth. The combined company will operate more than 830 locations in 24 states across the East Coast, South and Midwest.

“We are thrilled to partner with Express and Golden Gate Capital to create a leading company in the auto service industry in terms of service center footprint, financial strength and service quality. We have long admired Ricky and the entire Express team, who share the same values of integrity, trust and outstanding customer service,” said David Sorbaro, Co-Chief Executive Officer of Mavis Discount Tire. “Express is the ideal partner as we continue to expand our footprint nationally. We’re grateful for ONCAP’s support throughout its ownership, and Stephen and I look forward to continuing to provide customers at Mavis and Express with the very best auto care in the industry.”

 

Jefferies is serving as the exclusive financial advisor to Mavis and is leading the financing group which includes Antares Capital, KKR Capital Markets, Angel Island Capital and Cowen. Ropes & Gray LLP and Nob Hill Law Group P.C. served as legal advisors to Golden Gate Capital and Express, and Covington & Burling LLP served as legal advisor to Mavis, the Sorbaro family and ONCAP.

Category: General Update, News, Wheels & Tires

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