The acquisition expands Mavis’s presence in new and existing markets, particularly across the western U.S. and grows its network to more than 4,400 service center locations
White Plains, N.Y. and Sunny Isles Beach, Fla.—Mavis Tire Express Services Corp. and Icahn Enterprises L.P. has announced they have entered into a definitive agreement pursuant to acquire Pep Boys from Icahn Automotive Group LLC, a subsidiary of IEP.
The deal is for approximately $700 million in cash, subject to customary purchase price adjustments. IEP will retain the owned real estate previously transferred to IEP from Pep Boys, as well as the AAMCO Transmissions and Precision Tune Auto Care Businesses.
Pep Boys offers tires, repairs, oil changes, and maintenance services from nearly 800 locations nationwide. The acquisition expands Mavis’s presence in new and existing markets, particularly across the western United States, where Pep Boys has a significant retail footprint, and grows Mavis’s network to more than 4,400 service center locations across the United States and Canada.
“Today’s announcement marks a significant milestone as Mavis continues to execute its growth strategy. Pep Boys is one of the most well-respected names in the automotive aftermarket, and we look forward to welcoming it into the Mavis family of brands,” said David Sorbaro, Co-Chief Executive Officer of Mavis. “We have tremendous respect for what the Pep Boys team has built, and we look forward to partnering with them to drive their continued success.”
The transaction is expected to close in the coming months.
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