TBC Corporation sells 595 NTB and Tire Kingdom centres to Mavis

TBC Corporation, a leading tyre distributor in North America, has agreed to sell its company-owned retail portfolio to Mavis Tire Express Services Corp. Specifically, Mavis will acquire 392 NTB Tire and Service Centers (NTB) and 203 Tire Kingdom Service Centers (Tire Kingdom). In connection with the deal, Mavis and TBC have entered into a distribution agreement, through which TBC will provide wholesale and tyre distribution for Mavis retail locations. The transaction is expected to close in the coming weeks. Financial terms of the transaction have not been disclosed.

The 595 NTB and Tire Kingdom stores Mavis is acquiring are in Florida and Texas, as well as other states in the mid-Atlantic, Midwest and South. Upon close of the transaction, Mavis’s retail footprint across all of its brands will span approximately 2,000 locations, including the 112 NTB stores acquired by Mavis from TBC in 2020. All NTB and Tire Kingdom retail store and retail field management associates will “have the opportunity to continue their careers with Mavis”.

“As we execute our growth plans and strategies, we continuously analyze the assets in our portfolio and periodically fine tune them to drive superior performance in our core focus areas,” said Sam Kato, President and Chief Executive Officer, TBC Corporation. “Divesting our company-owned retail business allows us to focus and strengthen our wholesale business, pursue growing our distribution and ‘supply chain as a service’ solutions, while bolstering our market-leading Midas and Big O Tires franchise businesses. We have never been in a stronger position to offer best-in-class solutions that address a full range of customer priorities while driving innovation and long-term sustainable growth.”

“Today’s announcement represents a significant milestone in the continued acceleration of Mavis’s growth strategy, enabling us to deepen our presence in existing markets and expand our Mavis brand into new markets throughout the Midwest, mid-Atlantic and in Texas,” said Stephen Sorbaro, Co-Chief Executive Officer, Mavis Tire Express Services Corp.

TBC was bought by Sumitomo Corporation of America (SCOA) in 2005.  In 2018, Michelin North America and Sumitomo Corporation of Americas combined their operations to create National Tire Wholesale.