Monro Acquired 52 Stores in 10 Months
Monro Inc. has acquired 13 more locations in Florida, giving it more than 80 stores in the Sunshine State.
In a Securities and Exchange Commission filing, Monro revealed it acquired the latest Florida stores from R.A Johnson Inc. The Jan. 13, 2019, sale included retail outlets which operated under the Rick Johnson Auto & Tire banner. Those stores are transitioning to the Tire Choice name. (The Rick Johnson website indicates “all 12” of its retail locations are joining the Tire Choice brand, but Monro’s documents show it acquired 13 stores.)
Monro says the stores provide a sales mix of 65% service and 35% tires, and will add about $12 million in annualized sales.
That deal closed a couple weeks after the end of Monro’s third quarter, which ended Dec. 29, 2018.
And while that acquisition continues to fill in Monro’s existing market, the company also expects to close its first deal in Louisiana this quarter. The company says it has signed an agreement to buy 12 retail tire and automotive repair stores, which should add another $15 million in annualized sales, with a mix of 65% tires and 35% service.
Here’s a rundown of Monro’s acquisitions since April 1, 2018, the start of the company’s current fiscal year. Monro says its aggregate purchase price for these stores is $45.4 million. All are retail tire and automotive stores, unless otherwise noted:
Dec. 9, 2018: Two stores from Colony Tire Corp. in Virginia. They now operate under the Mr. Tire name.
Nov. 4, 2018: Five stores from Jeff Pohlman Tire & Auto Service Inc. in Ohio. They now operate under the Car-X and Mr. Tire brands.
Oct. 14, 2018: A single store in Illinois from Quality Tire and Auto Inc. It operates under the Car-X banner.
Sept. 23, 2018: One store was acquired in South Carolina from Walton’s Automotive LLC. It operates as a Treadquarters location.
Sept. 16, 2018: A single store from C&R Auto Service Inc. was acquired in Illinois. It operates under the Car-X brand.
Sept. 9, 2018: Four stores in Arkansas and Tennessee were acquired from Steele-Guiltner Inc. They now operate under the Car-X name.
July 15, 2018: One store was acquired from Mayfair Tire & Service Center Inc. in Pennsylvania. It operates under the Mr. Tire banner.
July 8, 2018: Eight stores in Missouri were acquired from Sawyer Tire Inc. They are now part of the Car-X brand.
May 13, 2018: In what was its biggest deal of the year, the company acquired 12 retail and commercial stores, plus a retread facility in Tennessee and four wholesale locations in three states (North Carolina, Tennessee and Virginia) from Free Service Tire Co. Inc. The locations from this business, which was in its 99th year of operations, continue to operate under the Free Service Tire name.
April 1, 2018: Four stores in Minnesota were acquired from Liberty Auto Group Inc. They operate as Car-X locations.
As of Dec. 29, 2018, these acquisitions had added $33.4 million in sales to Monro’s balance sheet.