Pep Boys Acquires Florida Tire With Help From The March Group
With help from The March Group, a private middle-market mergers and acquisitions advisory firm, Pep Boys recently acquired Florida Tire, Inc. after a year of working with the March Group to ensure a smooth transition. Pep Boys is now the proud owner of this chain of ten automotive service and tire stores, which has an established brand name and loyal customer base in the Central Florida area. With the new stores in Apopka, Celebration, Clermont, Eustis, Leesburg, Orlando and Sanford, Pep Boys is looking forward to expanding their service offerings in the Central Florida market.
The team at The March Group knew that Pep Boys would be a good fit for their client Florida Tire, who has specialized in the sale of Goodyear and Dunlop tires for years. Florida Tire has also provided comprehensive maintenance services for most cars and trucks, making them an ideal investment for Pep Boys. Since Pep Boys is the top aftermarket service and retail chain for the automotive industry in the United States, a tire and auto service chain is a very appropriate addition to their portfolio.
The former president of Florida Tire, Inc., Doug Bolt, credits The March Group with giving him the right information and support to sell his company confidently. Although he said it “was one of the biggest decisions of my life,” the advisory services he received made it a smooth transition. Now his team is working with Pep Boys to make sure they will be able to grow the business and take care of the employees and customers that currently rely on Florida Tire. Pep Boys plans to expand the service end of the business and add new Service & Tire Centers, which will be supported by Pep Boys Supercenters in the area.
Pep Boys has already opened or began work on 24 new Service & Tire Centers as part of this plan. It appears as if this acquisition was a great success and the transition was beneficial for everyone involved.