Philadelphia, PA – August 31, 2017
Pep Boys, a wholly-owned subsidiary of Icahn Automotive Group LLC, today announced that it has entered into a definitive agreement to acquire Advanced Auto Service & Tire Centers in Phoenix.
“We are pleased to increase our store density in the metropolitan Phoenix area with the acquisition of Advanced Auto Service & Tire Centers, the third largest independent automotive service chain in the market,” commented Icahn Automotive President of Service, Bill Ihnken. “This expansion of our service center network in Arizona will allow us to serve more customers in more neighborhoods, from Flagstaff in the north to Nogales in the south, with the highest quality total car care, including free services such as tire rotations, A/C checks, brake inspections and a year of roadside assistance with every tire purchased.”
Advanced, with 15 service centers, a wholesale tire business and more than 120 employees, has operated in Arizona since 1989. The majority of its locations are situated in the Phoenix area in the densely-populated East Valley, with three in the West Valley and three further north in Prescott, Prescott Valley and Flagstaff. Its shops are full service with an average of seven bays. These locations will be transitioned to Pep Boys Service & Tire Centers.
“With this acquisition, we continue to grow our national service center network, focused on providing superior customer service as well as a broad selection of tires and parts, always at a great value,” said Dan Ninivaggi, CEO of Icahn Automotive. “We welcome the outstanding Advanced team to Icahn Automotive and look forward to building on the great customer relationships they have developed over the last 28 years.”
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 one of the nation's leading automotive aftermarket chains, providing 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 to customers across the U.S. Pep Boys operates more than 9,000 service bays in approximately 1,000 locations in 35 states and Puerto Rico. Customers can find the nearest location by calling 1-800-PEP BOYS (1-800-737-2697) or by visiting www.pepboys.com. Pep Boys is owned by Icahn Automotive Group LLC.
ABOUT ICAHN AUTOMOTIVE GROUP LLC
Icahn Automotive Group LLC was formed by its parent, Icahn Enterprises L.P. (NASDAQ: IEP), 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, Auto Plus®, an automotive aftermarket parts distributor, Just Brakes®, an automotive service chain, and Precision Tune Auto Care, a network of owned and franchised automotive service centers.
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.
