Monro Muffler Brake Inc. has entered into an agreement to purchase all assets of Norfolk, Va.-based Kramer Tire Co.
Kramer Tire was founded in 1954 and is tied for 51st place on the Modern Tire Dealer 100 list of the largest independent tire dealer chains in the U.S. It has 20 retail locations, two truck tire centers and two wholesale tire centers. Kramer Tire distributes Goodyear, Michelin, Bridgestone, Pirelli, Nexen, Yokohama, Continental and other brands of tires.
Monro President John Van Heel says the sale is expected to be complete at the end of this month. No purchase price was disclosed. The company plans to retain all employees except for some in administrative positions.
“We are very pleased with this acquisition,” says Van Heel. “Kramer Tire is a great business. We are excited to increase our market share in the Norfolk area.”
Monro Muffler Brake currently has 17 Tread Quarters retail stores in the greater Norfolk area. It will have a total of 37 following the purchase.
Monro Muffler Brake’s latest financial results show the company had sales for the third quarter of fiscal 2012 of a record $176.7 million, an increase of 6.8% over the third quarter of fiscal 2011. Operating income for the quarter increased 21.2% to $22.6 million from $18.7 million in the third quarter of fiscal 2011.
Last October, it purchased Terry's Tire Town Inc.’s seven retail stores in Ohio and Pennsylvania. That purchase gave Monro nearly 300 retail tire dealerships. Overall, the company has more than 800 company-operated stores in 19 states.
