TBC completes NTB acquisition
TBC Corp. has completed its previously announced acquisition of National Tire & Battery (NTB) from Sears, Roebuck & Co.
TBC paid $225 million in cash for 226 NTB stores, many of them in markets where the Memphis, Tenn.-based private brand marketer had no previous presence, including Chicago, Ill.; Boston, Mass.; Philadelphia and Pittsburgh, Pa.; Dallas, Houston and Austin, Texas, and others.
The transaction was financed through debt sale/leaseback agreements arranged by JP Morgan, according to TBC officials.
The NTB outlets will be integrated into TBC's Tire Kingdom Inc. retail chain. They had been put up for sale by Sears this past summer.