NTB Tire & Service Centers, a TBC Corp. brand, has entered into an agreement to sell 112 NTB retail stores in the Philadelphia, Boston, Atlanta and Chicago areas to Mavis Discount Tire. Financial terms of the deal were not disclosed.
Millwood, NY-based Mavis has tire and service centers in 14 states, including New York, New Jersey, Pennsylvania, Massachusetts, Georgia and Florida.
Upon closing of the transaction — which is expected to occur within the next month — TBC’s company-owned retail footprint will have 615 NTB and Tire Kingdom locations.
Erik Olsen, the president and CEO of TBC, called this consolidation of NTB’s footprint a move that’s consistent with management’s strategy to focus on core markets. “The cash from this sale will serve to accelerate strategic initiatives that we are confident will support our underlying mission to exceed the expectations of all of our customers and partners spanning retail, franchise, wholesale, distribution and e-commerce,” Olsen said in an announcement dated Feb. 11.
All NTB employees at the 112 locations being sold — and those in supporting field leadership roles — will have the opportunity to join Mavis or remain with TBC, according to Palm Beach Gardens, FL-based TBC.
Additionally, National Tire Wholesale and Mavis have entered into a distribution relationship.