Miami, Fla.-based Tire Group International (TGI) has acquired the assets of Serit Tire Wholesale (STW), a tire exporter that specializes in sales to Brazil and the Caribbean.
Terms of the deal have not been disclosed.
"This acquisition gives TGI an instant presence in Brazil, which is a market we have been absent for the last nine years," says TGI CEO Tony Gonzalez.
He adds that TGI is retaining the services of STW President Ernie Rodriguez, who will be responsible "for the continuing development of this market, as well as developing other key markets we have targeted."
TGI recently opened two sales offices: one in Santo Domingo, Dominican Republic, and another office in Barquisimeto, Venezuela.
Gonzalez also states that TGI will continue "to be aggressive in its growth strategy and will look for other acquisition opportunities that make business sense and fit into TGI’s growth plans."