Nearly 70 years after Les Schwab founded the company, the board and shareholders of Les Schwab Tire Centers (Bend, OR) are seeking new ownership.

“As hard as it is to make the decision to sell this company, we are confident it will offer tremendous opportunity to build on all we have accomplished together for our customers, communities and our employees,” the Schwab family said in a statement. “We are excited to see what the future will bring.”

According to a Dec. 24 report from The Oregonian/OregonLive, the company has hired Goldman Sachs to find a buyer.

In 1952, Les Schwab purchased an OK Rubber Welders tire store in Prineville, OR. From this single location, he built a business with over 400 locations across the West, becoming one of the largest independent tire businesses in the United States. Les Schwab died in 2007.