Monro Paid About $1 Million Each for Recently Acquired Stores
Monro Inc. paid about $1 million for each of the 17 Allen Tire Co. retail stores based in Lakewood, Calif.
The company reported the total pricetag of the acquisition — $17.4 million — in a recent filing with the Securities and Exchange Commission. The purchase had been announced in October 2020, and according to the SEC filing, was finalized on Dec. 6.
The deal marked the reactivation of Monro's acquisition operations, which the company had suspended during the height of 2020's COVID-19 pandemic.
The 17 stores added to Monro's West Coast operations, which took a giant leap in March of 2019 when the company purchased the 40-store chain — and importantly, one distribution center — belonging to Certified Tire & Service Centers Inc.
From the time of the closing of the Allen Tire deal on Dec. 6 to the end of Monro's third quarter of the fiscal year on Dec. 26, the newly acquired stores contributed sales of $0.9 million, according to the regulatory filing. Under Monro, the stores will operate under the Tire Source name.