CORAL SPRINGS, FL – January 20, 2010 – (Motor Sports Newswire) – The March Group, a leading private mergers and acquisitions advisory firm specializing in the sale of middle-market businesses, announced today that The Pep Boys — Manny, Moe & Jack (NYSE: “PBY“) acquired March Group client Florida Tire, Inc. in October 2009. The March Group worked with both parties for about a year before the purchase was finalized.
Florida Tire, Inc. is a chain of 10 automotive service and tire stores in central Florida. Its first location was established in Orlando in 1987 by its former president, Doug Bolt. It has three Orlando stores. Other Florida stores include Apopka, Winter Park, Leesburg, Sanford, Clermont, Celebration and Eustis. The company sells Goodyear and Dunlop tires and provides a wide range of maintenance services for most cars and trucks.
Pep Boys is the nation’s leading automotive aftermarket service and retail chain. It is the only aftermarket retail and service chain in the nation that serves all four segments of the automotive aftermarket: do-it-yourself, do-it-for-me, buy-for-resale and replacement tires.
“Selling my company was one of the biggest decisions of my life, but The March Group gave me all the information and support I needed to sell it with confidence,” said Doug Bolt, former president of Florida Tire. “Now I look forward to working with Pep Boys to help it grow, knowing that my employees and customers are in good hands.”
Doug Bolt remains with Pep Boys, focusing on its expansion plans and its relationship with Goodyear.
“We are leading our expansion with our service business, growing through new Service & Tire Centers,” said Joe Cirelli, Pep Boys’ senior vice president of corporate development. “The 10-store Florida Tire chain presented the perfect opportunity to grow within a market where we have existing Supercenters that can help support these smaller, neighborhood-based Service & Tire Centers. The 10 Florida Tire stores accelerated our expansion program this year, providing a model for our future growth.”
In addition to a new Supercenter, Pep Boys will have opened 24 new Service & Tire Centers by the end of the Company’s fiscal 2009 (January 2010); the Company expects to add another 40 in 2010 and 80 in 2011.
March Group Managing Director Ed Wilcox, who supervised the deal, commented, “I am grateful for the wonderful support that I received from our client, Doug Bolt, the owner of Florida Tire and for the professionalism and support of the buyer, Pep Boys — in particular, Joe Cirelli and his staff. The opportunity to work with and assist a true entrepreneur and gentleman such as Doug Bolt is one of the reasons I enjoy my work with The March Group so much.”
About Pep Boys
Pep Boys has approximately 6,000 service bays within over 580 stores located in 35 states and Puerto Rico. Along with its full-service vehicle maintenance and repair capabilities, the company also serves the commercial auto parts delivery market and is one of the leading sellers of replacement tires in the United States.
About The March Group
Founded in 1986, The March Group is headquartered in Coral Springs, Florida, and has offices throughout the United States and worldwide. The company employs over 200 professionals and has built a dynamic network of business contacts all over the globe. The March Group specializes in the marketing, negotiation and sale of privately held middle-market businesses. The March Group has successfully helped hundreds of business owners sell their companies by connecting them with buyers.
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