MTPL Acquires Tyres International, Plans to Grow in U.S.
Mahansaria Tyres Private Ltd. (MTPL) is manufacturing agricultural and construction tires in India, and in a first step to build a distribution network in the U.S., the company has acquired the majority stake in Tyres International Inc. (TI), an Ohio-based wholesale tire distributor.
TI has warehouses in Ohio and Nevada and is a primary distributor of the Westlake truck tire brand from Zhongce Rubber Group Co. Ltd. (ZC Rubber).
TI will distribute MTPL's Ascenso brand of agricultural and construction tires in the U.S., while continuing its 20-plus-year-relationship and distribution of Westlake commercial truck tires, as well as Sunrise commercial truck wheels.
In a joint press release, the companies say they "aim to continue the development of TI as a leading wholesale tire distributor in the United States."
Yogesh Mahansaria, the founder of MTPL, says, “We have known Mr. Marty Bezbatchenko (principal of TI) for more than 15 years and have highest regards for his deep knowledge and experience in the American tire market. We are excited about the partnership with Marty and his son, Michael, who will continue to manage the business for us. We look forward to support TI’s development in the coming years.”
Bezbatchenko says, “50 years after the foundation of TI, it is time to set the course for a foreseeable future.
“The combined offering of Westlake commercial truck tires, Sunrise commercial truck wheels and Ascenso agriculture and construction tires, supported by a strong and dedicated team opens up new opportunities in a highly competitive market”, he says.
MTPL began production in September 2020 at its greenfield manufacturing plant in Gujarat, India. The plant represents an investment of $100 million, and encompasses 127 acres. MTPL is the Mahansaria family's third off-highway tire businesses built over the past 30-plus years.
MTPL was advised by Focus Investment Banking (USA) and Percipient Capital Advisors (India) for this transaction.