Feb. 26, 2018—Mavis Discount Tire announced that it has signed a definitive agreement to merge with Express Oil Change & Tire Engineers (“Express”), creating one of the largest independent automotive service platforms in the U.S.
Upon closing, the combined company will be led by Mavis’ current co-chief executive officers, David and Stephen Sorbaro, and Express’ CEO, Ricky Brooks, will be named executive chairman.
ONCAP is selling its stake in Mavis to Golden Gate Capital, which, along with the Sorbaros, will be significant shareholders in the combined company.
Financial terms of the transaction, which is expected to close in the first half of 2018, were not disclosed. The combined company will operate more than 830 locations in 24 states across the east coast, south and Midwest.
“We are thrilled to partner with Express and Golden Gate Capital to create a leading company in the auto service industry in terms of service center footprint, financial strength and service quality. We have long admired Ricky and the entire Express team, who share the same values of integrity, trust and outstanding customer service,” said Sorbaro. “Express is the ideal partner as we continue to expand our footprint nationally. We’re grateful for ONCAP’s support throughout its ownership, and Stephen and I look forward to continuing to provide customers at Mavis and Express with the very best auto care in the industry.”