Online tyre retailers Tirebuyer and Tirescanner have merged to create a new Tirebuyer.com that will be led by president and CEO Michael Welch OBE, who formerly founded Blackcircles and then Tirescanner. ATD (American Tire Distributors), Tirebuyer’s parent company, is the largest tyre distributor in the world. The new Tirebuyer will operate over 11,000 installer partner locations across the USA. According to the company, Tirebuyer sales day one are in the high eight-figure range. “We expect to climb sales to multiple nine figures over the coming years”. There is even talk of hitting the billion-dollar turnover mark.
American Tire Distributors, Inc. (ATD) has written to customers saying that the company is making “making significant progress with [its] recapitalization process” in a letter published on the firm’s recapitalisation website on 28 October 2018. According to the company, the steps taken “will strengthen our financial position as we continue our successful, game-changing transformation. We have a clear roadmap for the next steps in this process and the support of our key financial stakeholders has us on track to emerge by the end of the year as a stronger company with less debt that is even better positioned to serve our customers.”
A month after its credit rating was downgraded, American Tire Distributors, Inc. (ATD), the largest tyre wholesaler not only in the USA, but in the entire NAFTA region, filed for Chapter 11 bankruptcy protection in the District of Delaware on 4 October. At the time, the company announced that it had entered into a definitive agreement with approximately 75 per cent of its bondholders on the terms of a recapitalization that would reduce the company’s debt by approximately $1.1 billion and increase its financial flexibility as it continues its ongoing transformation
On 5 September Moody’s Investors Service downgraded its Probability of Default Rating and senior subordinated notes rating for American Tire Distributors, Inc., to Ca-PD (from Caa3-PD) and C (from Caa3) respectively, following the company’s proposed debt-for-equity exchange offer to holders of the rated notes. All other ratings, including the company’s Caa2 Corporate Family Rating and Caa1 senior secured bank debt (term loan) rating remain under review for downgrade.
A successor is being sought for William E. Berry, the president and chief executive of US-based firm American Tire Distributors, Inc. (ATD). Berry has announced his intention to retire, however no specific retirement date has been set and Berry will remain in his current role until a successor is appointed; after this date he will serve the company as an advisor.
ATD has announced it will pay $345 million, with the possibility of another $20 million depending on certain provisions, in a deal to acquire Terry’s Tire Town, US publication Tire Review reports. The deal comes fewer than three weeks after closing a deal to buy Hercules Tire & Rubber Co. The deal gives ATD 11 […]
This month, American Tire Distributors (ATD) acquired Hercules Tire & Rubber for approximately US$310 million. Further details of the deal beyond the news reported this week have been published by US trade publication Tire Review, who yesterday spoke about the purchase with Ron Sinclair, senior vice-president of marketing at Hercules Tire & Rubber.
Major US-based replacement tyre wholesaler American Tire Distributors (ATD) has acquired Hercules Tire & Rubber for approximately US$310 million. Details of the purchase – described as a merger – were submitted to the United States Securities and Exchange Commission on 24 January. Subject to closing conditions, the transaction is expected to be consummated by the end of January 2014.
TriCan Tire Distributors, a Canadian company owned by American Tire Distributors since 2012, has acquired the wholesale distribution business of Kipling Tire Co. The acquisition of the Toronto-based firm further expands ATD’s reach within Canada.
Kumho Tire U.S.A. has announced several recent additions to its sales force. John F. Hagan has been appointed the company’s new national sales vice-president, while Kirk Papazian joined the company in September as vice-president of sales for the Western Division and Stephen Clave became Kumho Tire U.S.A.’s vice-president of sales for the Eastern Division as of 1 November 2013.
American Tire Distributors is building a new $6 million distribution centre in Illinois, reports Tire Review. Earlier this week, the Morton (Illinois) Economic Development Council voted unanimously to give ATD a two-year, 60 per cent property tax abatement in 2013 and 2014 to help it deal with soil problems on the 11-acre site selected for the new warehouse. Four other Morton taxing bodies must still approve the tax abatement, but it is expected to pass easily, according to local reports.
After opening new distribution centers in Ohio and Indiana – new markets for its vast operations – American Tire Distributors is now eying expansion into New York, New Jersey, eastern Pennsylvania and the entire New England area, reports Tire Review.
Tire Review reports American Tire Distributors has expanded its reach into Ohio with the opening of a new distribution centre near Cincinnati. The 85,158sqf unit is located in suburban Fairfield, Ohio. The company also announced plans to open its 86th distribution center near Indianapolis sometime this summer.