16 May 2024
Mavis Tire’s acquisition of the retail portfolio of TBC Corporation has been named a 2024 Middle-Market Deal of the Year by Mergers and Acquisitions

NB Capital Solutions is thrilled to share that, Mavis Tire’s acquisition of the retail portfolio of TBC Corporation has been named a 2024 Middle-Market Deal of the Year by Mergers and Acquisitions - themiddlemarket.com. This deal marks the largest transaction in the retail tire business in the U.S. in almost 30 years.

Last year, Mavis acquired nearly 600 National Tire & Battery and Tire Kingdom Service Centers from TBC, bringing Mavis’ total store count to more than 2,000 locations across 25 states nationwide. This landmark acquisition solidified Mavis’ position as the largest independent tire retail dealership in North America and added meaningful reach and diversification in key regional markets for the business.

Mavis is owned by an investor group including BayPine, TSG Consumer Partners, West First Management, and Golden Gate Capital.

In order to fund the acquisition, funds advised by Neuberger Berman acquired a minority stake in Mavis, the proceeds from which were used to complete the transaction.

J.T. Munch, Managing Director for NB Capital Solutions stated, “"We are thrilled to be part of this transformative process, marking a significant milestone in the industry. This acquisition not only demonstrates our commitment to strategic growth but also our confidence in the potential of Mavis's expansion through TBC's retail tire business. We look forward to the continued value this partnership will bring to all stakeholders involved."

Ty Black, Vice President of Business Development for NB Capital Solutions added: "We are thrilled to partner with BayPine, TSG, and management. Their expertise and strategic insight have been invaluable, and we are confident that their continued involvement will further enhance the success and impact of this acquisition. We are grateful for their partnership and look forward to achieving great things together."

Disclosures: The Mergers & Acquisitions 2024 Middle-Market Deals of the year award is undertaken by the editorial team of Mergers & Acquisition. Eligible transactions must have been closed between January 1, 2023 and January 31, 2024, with a deal value between $100 million and $1 billion, and the buyer and/or seller must be a U.S. company. Selected Deals of the Year will be named by the buyer, as well as the advisors associated with the deal. There is no limit to the number of nominations an individual or firm can nominate. The award does not constitute an investment recommendation. NB Private Markets did not pay a fee to participate and did not submit for the award. Awards and ratings referenced do not reflect the experiences of any Neuberger Berman client and readers should not view such information as representative of any particular client’s experience or assume that they will have a similar investment experience as any previous or existing client. Awards and ratings are not indicative of the past or future performance of any Neuberger Berman product or service.

Contact a member of the team to learn more.