Monro says ProCare will add $33 million
Monro Muffler Brake Inc. says its recently acquired ProCare Automotive shops will add $33 million in sales during 2007.
Yesterday, Monro announced it will convert 44 of its ProCare shops to Monro Muffler Brake & Service shops and 31 ProCare locations to Mr. Tire stores.
Monro finalized its acquisition of the 75 locations in late April.
"The integration process is already well under way, and based on what we have accomplished thus far, we continue to believe ProCare will be an excellent addition to our business," says Monro CEO and President Robert Gross.
"Given that ProCare was in bankruptcy, it will take longer to ramp up Monro's historical margins than has been our history with prior acquisitions.
"However, we were able to purchase the chain at a very attractive price and are intently focused on taking advantage of the above average comparable store sales and margin growth opportunities it presents."
ProCare -- which has stores in Ohio, Kentucky and Pennsylvania -- was in Chapter 11 when Monro bought it.
"While 2007 will be a rebuilding year for this group of stores, we expect ProCare to run double digit comparable store sales increases and positively contribute to our earnings in fiscal 2008 and beyond," says Gross.