Another private equity group, Dallas, Texas-based The Sterling Group, is getting into the tire retail business - with its own brand.
The company is launching Premier Tire & Service, which it calls "a new platform" that will provide "one-stop tire and auto solutions."
Premier "will seek to acquire independent tire and retail service locations with customer-focused service models in various markets across the country," according to a recent press release from The Sterling Group.
“We are excited to enter the highly attractive tire retail and service segment of the aftermarket automotive industry and partner with seasoned industry professionals to build a platform of scale,” says Lucas Cutler, partner at The Sterling Group.
Sterling will work with tire industry veteran John Adams, former CEO of Full Speed Automotive, "to build the Premier platform.
Founded in 1982, The Sterling Group is a private equity and private credit investment firm that targets investments in manufacturing, distribution and industrial services companies. "Typical enterprise values of these companies at initial formation range from $100 million to $750 million."
Sterling says it "has sponsored the buy-out of 65 platform companies and numerous add-on acquisitions for a total transaction value of over $14 billion."
The company currently has over $5.9 billion of assets under management.
