Pep Boys Acquires Big 10
May 05 2011 - 9:14AM
Business Wire
The Pep Boys – Manny, Moe & Jack (NYSE: "PBY"), the nation's
leading automotive aftermarket service and retail chain, today
announced that it has acquired Big 10 Tires and Automotive, a
trusted automotive service provider that has been serving customers
in the Southeast for over 50 years. Big 10 currently operates 85
stores throughout Florida, Georgia and Alabama. Pep Boys was
advised by Morgan Joseph TriArtisan LLC on the transaction.
“This acquisition furthers our stated strategy to grow through
Service & Tire Centers,” said President & CEO Mike Odell.
“We are very excited to add this many new Service & Tire
Centers in a single transaction and to improve our market density
in Orlando, Atlanta and the gulf area of Florida and Alabama."
During 2011, including the recently announced acquisition of
seven stores in the Seattle-Tacoma market, Pep Boys has acquired 92
operating locations with $93 million in annual sales for an
aggregate purchase price of $41 million. With the addition of these
locations, Pep Boys now operates 147 Service & Tire Centers and
is well ahead of the targeted total of 55 new stores for fiscal
2011.
Pep Boys now has approximately 7,000 service bays within over
700 stores located in 35 states and Puerto Rico. Along with its
full-service vehicle maintenance and repair capabilities, the
Company also serves the commercial auto parts delivery market and
is one of the leading sellers of replacement tires in the United
States. Customers can find the nearest location by calling (800)
PEP-BOYS or by visiting www.pepboys.com.
Certain statements contained herein constitute "forward-looking
statements" within the meaning of The Private Securities Litigation
Reform Act of 1995. The word "guidance," "expect," "anticipate,"
"estimates," "forecasts" and similar expressions are intended to
identify such forward-looking statements. Forward-looking
statements include management's expectations regarding
implementation of its long-term strategic plan, future financial
performance, automotive aftermarket trends, levels of competition,
business development activities, future capital expenditures,
financing sources and availability and the effects of regulation
and litigation. Although the Company believes that the expectations
reflected in such forward-looking statements are based on
reasonable assumptions, it can give no assurance that its
expectations will be achieved. The Company's actual results may
differ materially from the results discussed in the forward-looking
statements due to factors beyond the control of the Company,
including the strength of the national and regional economies,
retail and commercial consumers' ability to spend, the health of
the various sectors of the automotive aftermarket, the weather in
geographical regions with a high concentration of the Company's
stores, competitive pricing, the location and number of
competitors' stores, product and labor costs and the additional
factors described in the Company's filings with the SEC. The
Company assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent
events.
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