Capital Group Acquires 42 Midas Locations
Dec. 14, 2017—Leeds West Groups, a capital group that acquires automotive franchise brands, announced it has entered into an agreement to acquire an Iowa Midas automotive service franchisee that will nearly double its current market share, the Denver Business Journal reports.
LWG, a Greenwood Village-based capital group, owns and manages 55 big-name auto service branches like Big O Tires, SpeeDee Oil Change & Auto Service and Midas in nine states.
Employee-owned Auto Systems Experts, which is headquartered in Davenport, Iowa, operates 42 Midas locations.
If the deal passes regulatory scrutin, LWG will own and manage 97 locations in 15 states with 850 employees.
Financial terms of the transaction were not disclosed.
“This acquisition represents a powerful opportunity for LWG to significantly expand our presence in the United States [and] in the franchise aftermarket automotive repair industry,” said Judd Kyle Shader, CEO and founder of Leeds West Groups, in a statement.