The acquisition of American Tire Distributors Holdings Inc. (ATD) by affiliates of private equity investment firm TPG Capital has been finalized. The $1.3 billion transaction was first announced on April 21.
"We are excited to move forward with TPG as our new partner," says ATD CEO and President Bill Berry. "They recognize the value we have built and they share our vision for a successful future."
"We are pleased to partner with ATD's proven management team and its dedicated employees," says TPG Partner Kevin Burns. "ATD is a strong and exciting franchise, and we believe its growth will be fueled by its continuing outstanding service to its customers."
ATD has 83 distribution centers serving 37 states.
For more on the TPG-ATD deal, see the following www.moderntiredealer.com reports:
TPG Capital to acquire ATD for $1.3 billion
More on ATD's soon-to-be new owner
ATD divestiture almost right on schedule
ATD has made 11 acquisitions in five years
On May 17, www.moderntiredealer.com reported that ATD intends to offer $250 million aggregate principal amount of senior secured notes due 2017.
ATD will use net proceeds from the offering to finance "in part the acquisition of Holdings by certain investment funds affiliated with TPG Capital and to repay a portion of the issuer's and Holdings' existing debt to pay fees and expenses in connection with the transactions."
