Raben Tire sells equity interest to partner
Raben Holdings LLC, which does business as Raben Tire Co. Inc., has sold an equity interest to Palladium Equity Partners LLC of New York City. Palladium describes the transaction as a “significant investment in partnership with the Raben family.”
Evansville, Ind.-based Raben operates 25 stores, two wholesale distribution centers, and three retreading facilities across Indiana, Kentucky, Illinois, Missouri, and Arkansas. Founded in 1952, the company is No. 47 on this year’s Modern Tire Dealer 100 list of the nation’s top independent tire dealers.
“We are excited to partner with Palladium, a firm with strong experience in working with and growing family-owned companies,” says Tom Raben, president of Raben Tire.
“Palladium shares our vision of expanding the Raben Tire footprint within our existing markets and into adjacent markets across the U.S. We are ready to work together to continue growing the company that my father, brothers, and I have built.”
When asked if the investment represented a minority or majority interest in Raben, both Raben and Palladium declined to comment.
Raben Tire has established a strong brand reputation in the Midwest by offering excellent service to its loyal customer following and strong relationships with its suppliers, according to Luis Zaldivar, a managing director of Palladium.
“My partners and I look forward to supporting the growth of Raben Tire through initiatives such as increasing the number of services offered, opening new locations, and pursuing strategic acquisitions. We seek to accelerate the consolidation of a fragmented industry by providing family-owned businesses with new liquidity and transition opportunities.”
Terms of the investment were not disclosed. Palladium is a middle market private equity firm with over $2.5 billion in assets under management.