TBC Corp. has entered into an agreement to divest its Midas franchise portfolio to Mavis Tire Express Service Corp.
In a statement released on March 31, Michelin Group says that “TBC identifies tire wholesale, distribution and Big O Tires as core businesses, leveraging an industry-leading network and scale, whereas Midas activity mostly relies on retail automotive services. The operation will enable TBC to focus on driving accelerated growth and value in its core businesses.
“It is also an opportunity for Michelin and Mavis to support and reinforce their commercial agreement,” according to Michelin officials.
“The transaction is expected to close in the coming weeks, subject to the approval of the competent authorities and should have a positive impact in 2025 on Michelin Group’s net result of about $200 million.”
With more than 2,000 locations, Mavis, which is based in Millwood, N.Y., is the largest independent tire store chain in the United States, according to the 2024 MTD 100.
