Monro's Florida expansion continues
Monro Muffler Brake Inc. is expanding its reach in southern Florida with the acquisition of eight retail tire and automotive repair stores from Martino Tire Stores.
In a 10-Q report filed Feb. 5, 2015, with the U.S. Securities and Exchange Commission, Monro says it signed a purchase agreement to buy the stores on Jan. 28, 2015. The company says the stores will be rebranded under the Tire Choice name, and the transaction is expected to close during the fourth quarter of fiscal 2015, which ends in March.
The agreement is a contrast to what Martino Tire’s owners, Zafco Retail Inc., outlined as its own growth plan in 2012. At the time Zafco said it would add 34 retail stores and four warehouse locations by 2015.
This acquisition by Monro follows two others in Florida during the current fiscal year. In December Monro acquired nine retail tire and automotive repair stores from Gold Coast Tire & Auto Centers, and in August Monro acquired 35 stores from Hennelly Tire & Auto Inc. All 44 of those Florida stores now operate under the Tire Choice name.
Not including this latest acquisition of Martino Tire Stores, fiscal year to date, Monro has added 72 locations and three new states.
For more details on Monro’s third-quarter results, read Monro 3Q: New stores behind record sales. To learn just how big Monro might get, read this perspective from Executive Chairman Robert Gross: Gross says Monro could triple in size.