Pneus Unimax plans to acquire Tirecraft
Boucherville, Quebec-based Pneus Unimax Ltee has submitted an offer to acquire all of the assets of Tirecraft Group Inc., which filed for creditor protection last month. Closing is expected to occur on May 30.
Pneus Unimax’s offer has obtained the approval of the Court of Queen’s Bench of Alberta.
Based in Sherwood Park, Alberta, Tirecraft Group Inc. includes Remington Tire Distributors Ltd., Tirecraft Auto Centers Ltd., Tirecraft Auto Centers (Operations) Ltd., Canadian Treads Corp. and Canadian Treads MFG Corp.
"In line with our previously announced intention to expand the Unipneu banner to Ontario, the acquisition of Tirecraft’s assets constitutes a strategic decision that complements our vision of
growth," says Pneus Unimax President and CEO Rene Gelinas.
Buying Tirecraft will enable Pneus Unimax to "penetrate
the out-of-Quebec market by acquiring an integrated organization operating in all major cities across Canada."
Pneus Unimax has also confirmed its intention to maintain Tirecraft’s existing business model, along with the Tirecraft and President banners, the Remington network, and the Canadian Treads plants.