Management team completes Dynamic deal
The previously announced share purchase of Dynamic Tire Corp. by a management group led by Peter Koszo and Robert Sherkin has been completed.
Dynamic Tire was the Canadian subsidiary of GPX International Tire Corp., which filed for Chapter 11 bankruptcy reorganization in October of this year.
“We are excited to have the opportunity of taking Dynamic Tire forward to the next chapter in its history,” says Koszo. “We are also thrilled to be collaborating with Alliance Tire and the new owners of the Starbright manufacturing facility into the future.” (See "Alliance Tire to acquire GPX International's assets" and "GPX to sell solid tire unit, Starbright factory" for more information.)
“We are fortunate to have some of the best people in the business” says Robert Sherkin, who is the chairman of GPX. “It has been a long process, but we accomplished buying back the business that we merged with Galaxy in 2005” (see "Galaxy, Dynamic merger goes through," Oct. 4, 2005).
Dynamic Tire intends to focus on its historical strengths "as one of the most
comprehensive tire distributors in Canada," according to its principals. It also will continue:
* to provide tire sourcing and engineering solutions to its customers into the future;
* to be the exclusive source for Galaxy and Primex tires in Canada.
Management plans also call for expanding upon Dynamic Tire's wide range of products and services.