Audax Private Equity has acquired an ownership stake in Dobbs Tire & Auto Centers Inc., which has 43 stores throughout Missouri and Illinois.
“The Dobbs family will retain equity ownership in the business moving forward,” Mike Collet, vice president, marketing manager for Dobbs Tire, told MTD, adding that no details of the transaction will be disclosed.
With offices in Boston, Mass., and San Francisco, Calif., Audax Private Equity describes itself as “a leading, middle-market, growth-oriented investment firm with approximately $19 billion of assets under management, over 210 employees and 100-plus investment professionals.”
According to Jason Ellis, a managing director at Audax, “Dobbs stood out as an attractive platform due to several factors, not the least of which include the quality of its operations, strong customer loyalty and employees.”
Based in St. Louis, Mo., Dobbs Tire was founded in 1976 and employs 650 people. It's the 25th largest independent tire dealership in the U.S., according to the 2023 MTD 100.
“We’re excited to partner with Audax,” says Dobbs CEO Dustin Dobbs. “Our company has reached its most significant crossroad since my grandfather, Don Dobbs, Jr. founded the company 48 years and 43 stores ago.
“How excited he would be to see us join forces with Audax, which shares our vision for the company's future, and has the resources, knowledge, and operational experience to help us realize our tremendous potential.
“We look forward to accelerating our growth and serving more communities around the country, while delivering our nearly 50-year promise to sell high-quality tire brands and expert automotive services at competitive prices.”
Audax is investing out of its latest flagship fund, Audax Private Equity Fund VII, which closed on $5.25 billion in July 2023.
