Auto-Wares Agrees to Buy 4 Stores From Icahn
The Auto-Wares Group of Companies is buying four Michigan retail parts stores and their associated inventory from Icahn Automotive Group LLC.
The stores are in the Metro Detroit and Kalamazoo markets. The transaction does not include Pep Boys automotive service centers.
In addition, Icahn Automotive has entered into a supply agreement with Auto-Wares to supply Pep Boys service centers.
The transaction is expected to close on or about Jan. 11, 2020, subject to customary closing conditions. Post-closing, Auto-Wares will convert and rebrand the acquired retail locations as Auto Value Parts Stores.
Icahn Automotive will continue to own and operate all of its service centers under the Pep Boys brand in Michigan and focus on serving the growing demands from the DIFM (do it for me) customer and rapidly growing fleets.
Auto-Wares President and CEO Todd Leimenstoll said: “This is a great opportunity to grow our parts business and increase our overall service levels in the Detroit and Kalamazoo markets. We recently completed a remodel and expansion of our Warren Michigan Distribution Center and we are ready to give exceptional customer service to these new locations and their customers. We welcome the new employees and customers to the Auto-Wares Family”.
Chris Cox, chief executive officer – parts for Icahn said: “Auto-Wares is an excellent partner with a strong reputation in the region, and this transaction will strengthen both organizations, while enabling us to maintain a core store footprint to support our growing service business.”
Auto-Wares is a distribution company made up of a group of privately held companies. Founded in 1976, Auto-Wares is headquartered in Grand Rapids, Mich., and operates 175 company-owned retail store locations and 13 distribution centers. The company is a source for parts and services for for over 2,300 parts stores and over 3,800 certified service centers throughout North America. The Auto-Wares Group of Companies is part of the Aftermarket Auto Parts Alliance Inc. For more information, visit www.autowares.com.
Pep Boys operates approximately 1,000 locations in 35 states and Puerto Rico, and the Pep Boy Mobile Crew service trailer, which offers automotive maintenance on location.
Icahn Automotive Group LLC consists of Pep Boys automotive aftermarket retail and service chain, Auto Plus automotive aftermarket parts distributor, Precision Tune Auto Care owned and franchised automotive service centers, and AAMCO Total Auto Care franchised service centers. The company also is the licensor of Cottman Transmission and operates under several local brands.
The businesses of Icahn Automotive total over 22,000 employees, over 2,000 company-owned and franchise locations, and 25 distribution centers throughout the US, Canada, and Puerto Rico.
For more information, visit www.IcahnAutomotive.com.