President Tire changes ownership
Group President, a subsidiary of Laval, Quebec-based A. Picard & Fils, has been purchased by a group of employees headed by President Tire General Manager Denis Monette.
Monette, the company's majority shareholder, is now its CEO and president.
Other shareholders include Daniel Picard, Marcel Richard, Patrick Larochelle and Dennis Marshall.
Group President will operate as two separate units, Monette has told moderntiredealer.com: President Tire Canada Inc., which will oversee 200-plus franchise stores, and President Auto Center, which will operate 17 retail stores.
The company's founder, Antoine Picard, has elected to retire following 45 years in the industry, according to Monette.
Group President operates in seven Canadian provinces. It turned $95 million in sales last year.
"Within five years, I want to be up to $150 million per year," says Monette, who adds that he has been working on the deal for the last 15 months.
President carries 14 tire brands, including its own President label, which makes up 55% of the firm's tire sales. The President brand enjoys 3.5% of the Canadian replacement passenger tire market, according to Modern Tire Dealer data.