Philadelphia, PA – May 15, 2017
Pep Boys announces continued Service and tire distribution business growth with the acquisition of Mathis Tire & Auto Service and Direct Tire Distributors in Memphis, Tennessee.
“We are excited about this acquisition of a strategic 12-location automotive service chain and tire wholesale business, which positions Pep Boys as the third-largest automotive repair and maintenance chain in Memphis,” said Pep Boys' President of Service, Bill Ihnken. “It allows us to enter into a new market with Pep Boys' Service business while leveraging well-established locations with significant growth potential.”
Mathis Tire, a Goodyear dealer in business for 24 years, has nine locations. In 2003, Mathis Tire purchased Direct Tire, a three-shop Michelin Tire dealer and tire wholesaler that has operated in the area for nearly 40 years.
Pep Boys will expand the hours of and the services performed by the 12 locations as they are transitioned to Pep Boys Service & Tire Centers, offering a full range of services such as oil changes, tire installations, brake repair and suspension work.
“With the help of the more than 90 experienced Team Members we are welcoming to our organization, Pep Boys has the opportunity to serve the automotive repair and maintenance needs of customers across the city of Memphis and its suburbs, including several communities in Mississippi,” commented Daniel A. Ninivaggi, CEO of Icahn Automotive Group LLC, the parent company of Pep Boys. “In addition, this purchase includes a large tire warehouse, which houses over 6,000 tire units. We will grow its existing tire wholesale business and leverage this warehouse to launch a tire distribution operation in Memphis.”
Ninivaggi concluded, “This acquisition fits squarely into Pep Boys' long-term strategy to grow its Service and tire distribution business in target markets across the U.S.”
MEDIA CONTACT:
Alex Spooner | 215-430-9588 | mediarelations@pepboys.com
MERGERS AND ACQUISITIONS CONTACT:
James Healy | 215-430-9462 | jhealy@icahnautomotive.com
ABOUT PEP BOYS
Since 1921, Pep Boys has been the nation’s leading automotive aftermarket chain. With over 7,500 service bays in over 800 locations in 35 states and Puerto Rico, Pep Boys offers name-brand tires; automotive maintenance and repair; parts and expert advice for the Do-It-Yourselfer; commercial auto parts delivery; and fleet maintenance and repair. Customers can find the nearest location by calling 1-800-PEP BOYS (1-800-737-2697) or by visiting www.pepboys.com.
ABOUT ICAHN AUTOMOTIVE GROUP LLC
Icahn Automotive Group LLC was formed by its parent, Icahn Enterprises L.P., to invest in and operate businesses involved in aftermarket parts distribution and service. Our businesses have a singular focus: provide premium automotive parts and services at a great value. The businesses of Icahn Automotive Group today consist of Pep Boys, an automotive aftermarket retail and service chain, and Auto Plus®, an automotive aftermarket parts distributor.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, many of which are beyond our ability to control or predict. Forward-looking statements may be identified by words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “will” or words of similar meaning. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. We undertake no obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise.
