Pep Boys - Manny, Moe & Jack will acquire the assets of Florida Tire, a 10-store, Orlando, Fla.-based dealership, for $4.35 million. The deal is expected to close on Oct. 30.
"In addition to offering customers Pep Boys' full range of automotive repair and maintenance services, all 10 stores will feature a full assortment of Goodyear, Dunlop and house brand tires," say Pep Boys officials.
Pep Boys CEO Mike Odell says the acquisition "fits squarely within our stated strategy to growth through service and tire centers. We are very excited to add 10 new tire and service enters that will be able to immediately leverage the existing inventory, advertising and distribution employed at our eight supercenters currently operating in Orlando.
"To be able to expand our relationship with Goodyear Tire & Rubber Co. by featuring Goodyear brand tires in the Orlando market makes the transaction that much more attractive."
Pep Boys plans to open 25 more tire and service centers during its 2009 fiscal year, ahead of its original 15-store target.
"Through individual location and small chain acquisitions, Pep Boys is now targeting the high end of its previously announced targets: 40 new locations for fiscal 2010 and 80 for fiscal 2011."
