Colony Tire Announces ESOP

Colony Tire Corp. and its Atlantic Tire Distributors business have transitioned to 100% employee ownership via an Employee Stock Ownership Plan (ESOP).

Based in Edenton, N.C., Colony Tire has more than 1,000 employees.

"This milestone ensures that the company’s legacy of customer service and community investment will continue for generations to come," say Colony Tire officials. "By adopting an ESOP structure, Colony Tire and Atlantic Tire Distributors have chosen to reward the dedication of their employees, while keeping jobs, profits and decision-making rooted in the local communities they serve."

The decision to pursue an ESOP began more than a year ago with Colony Tire's late founder, Charlie Creighton, "who was deeply committed to ensuring the company’s independence and culture. Through the ESOP, employees are allocated shares of Colony Tire stock, aligning their contributions directly with the company’s long-term success."

Charlie, who also was MTD's Tire Dealer of the Year in 2007, died this past May.

"This isn’t just a business transition," says Colony Tire President Scott Creighton. "It's about investing in the people who built our company. Our employees are now our owners and that means every tire we sell and every service we provide is backed by the commitment of a true stakeholder.

"While this is an exciting new chapter, it will not change the day-to-day operations of the company or how we work with our valued partners. We remain an independent company with no changes to our management or operations teams. Our commitment to growth, service and community remains stronger than ever.”

Charlie Creighton "would be so proud to know that ownership has been transferred to the dedicated associates who have built this company’s success for the past 49 years. This ESOP will help protect his vision and legacy for generations to come."

Colony Tire is one of the largest independent tire dealerships in the United States, according to the 2025 MTD 100.