US tyre retailer Les Schwab for sale

USA-based tyre retailer Les Schwab Tire Centers has confirmed it is seeking new ownership. In a statement issued on 24 December, the shareholder family of founder Les Schwab shared that “given the complexities of a fifth-generation family business and managing a company of our size, we are at an important point in the life of Les Schwab Tire Centers.

“As our family grows and ages, it is increasingly critical to us that ownership remain committed and aligned behind our grandfather’s vision,” they wrote.

While Les Schwab’s family believes selling the company will “offer tremendous opportunity to build on all we have accomplished together for our customers, communities and our employees,” their statement does not name any potential buyer. Nor is an expected sale price given, however, Bloomberg reports that “people with knowledge of the matter” suggest the company could change hands for at least US$3 billion.

Les Schwab founded his tyre business in 1952 and for decades remained committed to keeping the company in family hands. Today the company has (according to its website) more than 7,000 employees and operates 493 outlets in 10 states across the USA.