In a $310 million transaction, TBC Corp. has purchased Midas, Inc.
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“Midas is a terrific fit for our retail group,” says Larry Day, TBC’s chairman and CEO.
“In addition to our commitment to consumers, we are dedicated to strengthening the success of our franchisees,” he adds. “They are a significant part of the industry and play a critical part in the success of our strategic plan.”
Headquartered in Palm Beach Gardens, Fla., TBC’s wholesale division operates Carroll Tire, a regional distributor serving independent tire dealers across the U.S. The firm’s retail presence includes more than 1,200 franchised and company-owned tire and automotive service centers under the banners of Tire Kingdom, Merchant’s Tire & Auto Centers, NTB-National Tire & Battery and Big O Tires. It is owned by Sumitomo Corp. of America (SCOA), which is the largest subsidiary of Japan’s Sumitomo Corp.
Midas is one of the world’s largest providers of automotive service, offering brake, maintenance, tires, exhaust, steering and suspension services at nearly 2,250 franchised, licensed and company-owned shops in 13 countries, including nearly 1,500 in the U.S. and Canada. Midas also owns SpeeDee Oil Change, with 160 auto service centers in the U.S. and Mexico.
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