Retail

Monro's Latest Deal: 12 Speedy Auto Service and Tire Stores in Michigan

Posted on August 8, 2017

We now know the target of one of Monro Muffler Brake Inc.’s latest acquisition deals — Speedy Auto Service and Tire Centers Inc. in Michigan.

Monro announced the deal as part of its latest earnings report on July 20, but at the time didn’t provide the name of the company it was acquiring. In a recent filing with the U.S. Securities and Exchange Commission, Monro says it acquired 13 stores from UVR Inc., but has chosen not to open one location. The 12 former Speedy Auto Service stores will operate under the Monro brand name. They're located in these 11 cities: Detroit, Ann Arbor, Canton, Dearborn, Farmington Hills, Ferndale, Lovonia, Northville, Sterling Heights, Troy and Waterford.

Monro now has 33 stores in Michigan.

In July Monro said it had finalized deals to acquire 20 stores, including the 12 Speedy Auto Service stores, plus eight retail tire and auto repair stores in Illinois and Indiana from a Car-X franchisee. The details of the Car-X deal remain unknown, except that Monro says the deal is “expected to close during the second quarter of fiscal 2018 and is expected to be financed through our existing credit facility.”

Here’s a roundup of the other acquisitions Monro has completed thus far since the start of its 2018 fiscal year. (Monro’s fiscal calendar begins the day after the final Saturday of March.) Each of the stores acquired is described by Monro as a retail tire and autotmotive repair store.

North Carolina: Acquired one store on July 9 from Norman Young Tires Inc. The store operates under the Treadquarters name.

Illinois: Acquired one store on June 25 from D&S Pulaski LLC. The store operates under the Car-X name.

Minnesota and Wisconsin: Acquired two stores on June 11 from J&R Diversified Inc. Both stores operate under the Car-X name.

Ohio: Acquired one store from Michael N. McGroarty Inc. on June 11. It operates under the Mr. Tire name.

Connecticut: Acquired one store June 2 in Connecticut from Tires Plus LLC. The store operates under the Monro name.

Ohio: Acquired one store on May 21 from Bob Sumerel Tire Co. Inc. It operates under the Mr. Tire banner.

Florida: Acquired one store on April 23 from Collier Automotive Group Inc. The store operates under The Tire Choice brand.

As of the end of its previous fiscal year, on March 25, 2017, Monro had 1,118 company-owned stores in 27 states, and was franchisor of 113 Car-X stores. Of the total stores, more than half — 584 — are tire stores.

Monro holds the No. 3 spot on the Modern Tire Dealer 100.

Related Topics: acquisitions, Car-X, Monro, Speedy Auto Service and Tire Centers

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