Monro Will Acquire Stores in California, Nevada and Idaho
Monro Inc. has signed agreements to acquire nine tire and auto service stores in California, plus 14 stores in Las Vegas, Nev., and four locations in the Boise, Idaho, area.
"These acquisitions further expand the company's geographic footprint into the West Coast region and are expected to close in the third quarter of fiscal year 2020," Monro officials stated earlier today.
Monro expects the California locations will add $25 million in annualized sales, representing a mix of 55% service and 45% tires.
Combined, the Nevada and Idaho locations - which have a sales mix of 25% tires and 75% service - will add $20 million in annualized sales.
Monro also confirmed that it has completed previously announced acquisitions of eight tire and auto service stores in Louisiana. "These locations are expected to add approximately $12 million in annualized sales, representing a sales mix of 50% service and 50% tires."
Monro now has 20 locations throughout Louisiana, Monro President and CEO Brett Ponton told investors during the Rochester, N.Y.-based chain's quarterly earnings call this morning.
The company also opened five greenfield locations during the second quarter, he said.