Mavis Tire Express Services Corp. has completed the purchase of Midas from TBC Corp., which includes about 1,200 franchised locations in the U.S. and Canada.
Globally, there are more than 2,000 franchised and licensed Midas stores in about 20 countries, TBC said.
Mavis, already the nation's largest tire dealership, says the addition of Midas gives its retail network more than 3,500 locations across the U.S. and Canada. Midas will continue to operate as a standalone brand, the company says, and will maintain its headquarters in Palm Beach Gardens, Fla.
“We are excited to officially welcome Midas to the Mavis family,” said David Sorbaro, co-CEO at Mavis Tire Express Services Corp. “This transaction reflects our ongoing commitment to expanding our portfolio of respected brands and establishing our presence in compelling new markets. We’re excited to partner with Midas’s talented team and franchisees to build on their legacy of exceptional service and to drive the next chapter of growth together.”
The parties have not shared financial terms of the deal.
"As part of its strategic growth plan and disciplined approach to expansion, Mavis will continue to evaluate opportunities to add and seamlessly integrate complementary locations onto its platform," Mavis said.
For its part, TBC said it will continue "to focus on innovation and growth in its core wholesale and distribution business and expand its Big O Tires franchise operations."
