Myers Industries Buys Distributor of Tire Repair Equipment
Myers Industries Inc. has acquired the assets of Tuffy Manufacturing Industries, Inc., a warehouse distributor of tire repair equipment and supplies based in Akron, Ohio.
Founded in 1964, Tuffy provides automotive and heavy-duty truck service-related parts, tools and accessories to tire dealers, retreaders and the trucking industry across North America.
Tuffy will operate as part of Myers Tire Supply, the company’s distribution business. Under Myers Industries’ ownership, the Tuffy business will continue to be led by Steve Zimmerman, president. Tuffy’s sales for the trailing twelve months ended June 30, 2019, were approximately $20 million. Myers Industries says Tuffy is expected to be accretive to earnings in 2020.
“The acquisition of Tuffy aligns with our strategy to grow in key niche markets and focus on strategic account customers,” says Dave Banyard, president and chief executive officer.
“In line with our transformation plan, this acquisition further positions our distribution segment as a leader in the growing commercial auto and truck fleet market and is expected to immediately have a positive impact on the segment’s EBITDA margin. At a mid-single-digit purchase price multiple, this transaction is a great example of how we intend to deploy our capital for acquisitions and create both near-term and long-term value for our shareholders.”
Myers Industries announced initiatives to restructure its Myers Tire Supply business in April 2019. For details, read: “Myers Tire Supply Devises a Distribution Transformation Plan.”
Akron, Ohio-based Myers Industries is an international manufacturer of polymer products for industrial, agricultural, automotive, commercial and consumer markets. The company alsodistributes tools, equipment and supplies for the tire, wheel and under-vehicle service industry in the United States.