Monro Inc. has signed an agreement to buy 30 more stores in California — by acquiring Mountain View Tire & Service Inc.
The deal adds to Monro's footprint in the West and specifically in the California market, giving it 30 retail locations in the Los Angeles area. Monro says it will continue to operate every store. Those stores are expected to ad about $45 million in annualized sales, with a mix of 70% service and 30% tires.
Robert Mellor, chairman of Monro's board of directors and interim CEO said, “We are pleased to announce the acquisition of Mountain View Tire & Service, which builds on our growing presence in the dynamic Western United States. Executing on strategically located acquisitions is a critical cornerstone of our growth strategy, and this announcement underscores the progress we have made on capitalizing on attractive opportunities in our fragmented industry. We are excited to welcome Mountain View to the Monro family.”
Nick Mitsos, CEO and president of Mountain View, said, “We are thrilled and proud to have selected Monro, a company that shares Mountain View’s core values to always put the customer first and provide the highest level of informed, dedicated and trusted service, to continue Mountain View’s journey. I look forward to a bright future under Monro’s ownership.”
Mitsos was the 2011 Tire Dealer of the Year award winner for Modern Tire Dealer magazine.
Monro expects to close the transaction during the first quarter of its fiscal year 2022, which ends in June.
On a combined basis, acquisitions completed and announced to date in fiscal 2021 represent an expected total of $65 million in annualized sales. The COVID-19 pandemic temporarily halted Monro's acquisition efforts in 2020, but the company reactivated its strategy in the fall, and in October 2020 announced another California deal. It purchased Allen Tire Co., with 17 retail locations. Those stores represented $20 million in annualized sales.
