Service

Carl Icahn Strikes Again, and Now Owns More Than 1,000 Stores

Posted on June 5, 2017

Icahn Automotive Group LLC is buying another automotive service provider — with more than 250 locations in 26 states.

Investor Carl Icahn's automotive company has entered into an agreement to acquire Precision Auto Care Inc., the parent company of Precision Tune Auto Care.

“The acquisition of Precision Auto Care, with more than 250 corporate-owned and franchised Precision Tune service locations in the United States, is the next step in building out our national automotive service network,” says Daniel Ninivaggi, CEO of Icahn Automotive Group LLC since March 2017.

“Coupled with our existing footprint of more than 1,000 corporate-owned locations, as well as our in-house automotive parts and tire distribution capabilities, we are uniquely positioned to provide high-quality parts, tires and services to our customers at the most competitive price.”

Precision Auto Care, in business for more than 40 years, has service locations across the country, but is heavily concentrated in Georgia, North Carolina and South Carolina.

“These full-service shops will continue to operate as Precision Tune locations and will be led by Robert Falconi, who will remain CEO of Precision Auto Care,” says Ninivaggi. “We are pleased to welcome a number of strong independent franchisees to our organization. I would like to thank the Precision Tune franchisees, particularly the Grimaud and Allbert families, for their support. We look forward to working with these business owners and Robert to grow the Precision brand.”

Icahn Automotive Group LLC is a wholly-owned subsidiary of Icahn Enterprises L.P. created to "invest in and operate businesses involved in aftermarket parts distribution and service." The group consists of retailer Pep Boys, which had more than 800 stores when Icahn purchased it in early 2016, and aftermarket parts distributor Auto Plus.

Related Topics: acquisitions, Carl Icahn, Icahn Automotive Group, Precision Auto Care, Precision Tune Auto Care

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