Mavis Tire Express Services Corp.’s pending acquisition of Midas from TBC Corp. will give Mavis 1,200 additional locations across the United States and Canada.
When the deal finalizes, Mavis – already the largest independent tire dealership in the U.S., according to the 2024 MTD 100 – will have more than 3,500 stores.
Midas will continue to operate as a stand-alone brand and will maintain its headquarters in Palm Beach, Fla.
Lenny Valentino will continue to serve as Midas’ president after the acquisition.
“The transaction will not impact Midas franchises, as they will retain ownership of their respectively owned Midas franchise stores,” a Mavis spokesman told MTD.
On March 31, Michelin Group announced that TBC would divest its Midas operation to Mavis, which is based in White Plains, N.Y.
Mavis is owned by private equity firm BayPine LP, TSG Consumer Partners LP and a holding company controlled by David and Stephen Sorbaro, Mavis’ co-CEOs.
In a statement, Michelin said that “TBC identifies tire wholesale, distribution and Big O Tires as core businesses, leveraging an industry-leading network and scale, whereas Midas activity mostly relies on retail automotive services. The operation will enable TBC to focus on driving accelerated growth and value in its core businesses. It is also an opportunity for Michelin and Mavis to support and reinforce their commercial agreement.
“The transaction is expected to close in the coming weeks, subject to the approval of the competent authorities and should have a positive impact in 2025 on Michelin Group’s net result of about $200 million.”
When asked if Mavis will use National Tire Wholesale (NTW) to supply Midas locations, a spokesman for the dealership told MTD that “NTW has been a significant supplier to Midas in the past and NTW will continue to be a supplier in the future.”
“We are thrilled to acquire Midas as it adds another highly regarded brand to our portfolio and represents a compelling opportunity to expand into attractive new markets,” said David Sorbaro.
The Midas transaction marks the second time within the past two years that TBC has sold a large number of retail stores to Mavis.
In June 2023, TBC sold 595 NTB Tire and Service Centers and Tire Kingdom Service Centers to Mavis, which bumped up Mavis’ store count to more than 2,000 outlets, making Mavis the largest tire dealership in the U.S.
David Sorbaro discussed the integration of those locations with MTD Editor Mike Manges last summer.
