Business Services Industry
Memphis, Tenn.-Based Replacement Tire Retailer to Buy Virginia Firm.
Knight Ridder/Tribune Business News, March, 2003
By Jerome Obermark, The Commercial Appeal, Memphis, Tenn. Knight Ridder/Tribune Business News
Mar. 27--TBC Corp. plans to acquire a Virginia-based tire retailer with 112 stores in five states in a deal that may cost up to $72.5 million.
The Memphis-based retailer and wholesaler of automotive replacement tires inked a definitive agreement to acquire Manassas, Va.-based Merchant's Inc.
The transaction is expected to close by Tuesday. April 1, 2003.
Terms of the all-cash transaction are for TBC to pay $57.5 million within 30 days of closing, plus up to $15 million in future years based on performances of the acquired stores.
Privately held Merchant's Inc. is the sixth-largest independent tire retailer in North America...
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