Monro Inc. has acquired 99-year-old Free Service Tire Co., adding an expected $47 million in annual sales to its balance sheet.
The acquisition includes the Johnson City, Tenn.-based tire dealer's 12 retail and commercial stores, four wholesale distribution centers and one retread facility. And it extends Monro's footprint in Tennessee, North Carolina and Virginia, adding to the company's 130-plus locations in those states.
Monro says it will continue to operate all Free Service Tire locations and retain store-level, wholesale and retread associates.
"This acquisition expands our footprint in the South, while providing Monro with an even stronger platform for further growth in these markets," says Brett Ponton, CEO and president of Monro. "Equally important, we are extremely pleased to welcome these outstanding teammates and locations to our company, and look forward to working with the entire Free Service Tire team."
Lewis Wexler Jr., president of Free Service Tire, says, "We are incredibly excited to join the Monro team to continue Free Service Tire's 99-year history of success into the future. We have been approached by many companies over the years, but it wasn't until Monro came along that we found the right fit for our customers, our employees and our company. Monro has a tradition and business model much like ours, and I am confident that Free Service Tire's tradition of outstanding customer service will continue under Monro's ownership."
The transaction closed on May 13, 2018. Monro says it expects the deal to add approximately $47 million in annualized sales, representing a sales mix of 15% service and 85% tires.
Monro has 1,166 company-owned stores, 98 franchise locations, nine wholesale locations and three retread facilities in 27 states.