Pep Boys to Be Acquired by Mavis for $700 Million
The cash deal gives Mavis nearly 800 Pep Boys locations and expands its network to more than 4,400 service centers, the companies said.
- On Tuesday, Icahn Enterprises agreed to sell Pep Boys to Mavis Tire Express Services for $700 million in cash, expanding Mavis's network to more than 4,400 service centers across the U.S. and Canada.
- Icahn Enterprises acquired Pep Boys in 2016 for roughly $1 billion after prevailing over Bridgestone, while Mavis has pursued aggressive expansion, planning 120 new stores in 2026 and over 160 annually through 2030 according to Fitch Ratings.
- Pep Boys operates nearly 800 locations offering tires, repairs and maintenance services across the U.S. and Puerto Rico; CEO Joe Auriemma said the company 'has earned the trust of drivers across the country by delivering quality service with honesty and care' for more than 100 years.
- Mavis co-CEO David Sorbaro stated the deal 'marks a significant milestone,' highlighting Pep Boys' distribution network and market presence, while Icahn expressed confidence the combined operations would benefit from scale and Mavis's industry expertise.
- Amid millions of car owners delaying maintenance, the acquisition consolidates Mavis's portfolio—which includes Midas, Tire Kingdom and Tuffy—strengthening its position in the fragmented automotive aftermarket services sector.
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Icahn Enterprises Agrees to Sell Pep Boys to Mavis in $700 Million Deal
Icahn Enterprises, the publicly traded holding company controlled by activist investor Carl Icahn, announced on July 21 that it had reached an agreement with Mavis Tire Express Services Corp. to divest its Pep Boys business for $700 million. Pep Boys—an automotive service and tire installation company that became a household brand through its namesake founders, Manny, Moe, and Jack (Emanuel “Manny” Rosenfeld, Maurice “Moe” Strauss, and W. Graham…
Pep Boys to be acquired by Mavis for $700 million
By Andrew Seidman, The Philadelphia Inquirer Billionaire investor Carl Icahn’s company is selling Pep Boys, the Philadelphia-founded auto service chain, to private equity-backed Mavis Tire Express Services for $700 million in cash, the parties said Tuesday. Icahn’s publicly traded company, Icahn Enterprises LP, will keep owned real estate as well as Montgomery County-based Aamco Transmissions and Precision Tune Auto Care businesses. Founded more…
Mavis Tire to acquire iconic auto-service chain Pep Boys in $700M deal
Icahn Enterprises on Tuesday announced that the company reached a deal to sell Pep Boys to Mavis, one of the largest independent tire and service providers in the country, in a $700 million deal.
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BizTocMavis Tire to acquire iconic auto-service chain in $700M deal
Icahn Enterprises reached a deal to sell Pep Boys to Mavis in a $700 million auto service transaction that will expand Mavis' network to over 4,400 tire service centers.
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