Neuberger Berman, a private, employee-owned investment manager, has acquired minority stake in Mavis Tire Express Services Corp
"Proceeds from the investment were used to facilitate Mavis's acquisition of 392 NTB Tire and Service Centers and 203 Tire Kingdom Service Centers, leading tire and service retailers with locations throughout Florida and Texas, as well as other states in the Mid-Atlantic, Midwest and Southeastern U.S.," according to a statement from Neuberger Berman.
The investment was made by several client portfolios managed by NB Alternatives Advisers LLC.
Terms of the investment, including its monetary value, were not disclosed.
Mavis recently closed on its acquisition of NTB and Tire Kingdom stores.
