Sold – American Tire Distributors Changing Hands for $1.3 Billion
North America’s largest independent tyre distributor has changed hands for approximately US$1.3 billion. In a deal announced on April 21, Equity firm Texas Pacific Group (TPG Capital) has purchased American Tire Distributors from Investcorp, Berkshire Partners and Greenbriar Equity Group, who acquired the distributor for $500 million in 2005. The transaction is expected to close in the second quarter of 2010. Pursuant to the acquisition, American Tire will suspend its planned public offering and listing on the New York Stock Exchange.
“This is an exciting time in the evolution of our company,” said William Berry, ATD president and CEO. “We welcome our new partners at TPG, who share the same vision we do for the continued growth of the American Tire Distributors brand as significant growth opportunities remain and we continue to seize opportunities such as geographic expansion and online sales.”