Myers Tire Supply has been acquired by Lion Equity Partners, a private equity firm based in Denver, Colo.

Myers Tire Supply had been owned by Akron, Ohio-based Myers Industries Inc.

"Under the terms of the agreement, Myers will receive $30 million, subject to certain customary post-closing adjustments for cash, indebtedness, net working capital and transaction expenses," according to Lion Equity Partners officials.

"The sale advances Myers’ Focused Transformation into a manufacturer of engineered resin and composite products serving critical infrastructure, industrial, consumer, food and beverage, and vehicle end markets.

"The transaction strengthens Myers' balance sheet and enables the company to concentrate resources on its core businesses and growth platforms."

Myers Industries President and CEO Aaron Schapper says the deal "is a defining step in our ongoing transformation. By sharpening our focus on our core specialty engineered products, we are better positioned to drive long-term growth and create value for our shareholders."

"Myers Tire Supply has built a highly trusted brand through decades of exceptional service and commitment to its customers,” says Jim Levitas, managing partner at Lion Equity. “We are excited to partner with the team to carry this legacy forward and support the company in its next chapter of growth.”

Myers Tire Supply was founded in 1933 by brothers Meyer and Louis Myers and employs 233 people nationwide.