A group of private-equity firms led by BayPine LP is nearing a deal to buy Mavis Express Tire Services Corp. in a transaction that would value the auto-service chain at around $6 billion including debt, according to people familiar with the matter.
The group, which also includes TSG Consumer Partners LP, won an auction for the asset, owned by private-equity firm Golden Gate Capital, beating out rivals KKR & Co., Carlyle Group Inc., and a pairing of Bain Capital and Berkshire Partners, some of the people said.
The deal isn’t final, and there is still a chance it could fall through, the people said.
Based in Millwood, N.Y., Mavis provides tire, oil change and mechanical services at more than 1,100 service centers across 27 states.
Golden Gate bought Express Oil Change & Tire Engineers in 2017, purchasing Mavis Discount Tire a year later. The firm combined the two businesses in 2018, with Mavis co-CEOs David and Stephen Sorbaro taking the helm of the combined company.
Their parents, Victor and Marion Sorbaro, founded Mavis Tire Supply Corp. in 1972, calling it Mavis because it was portmanteau of Marion and Victor with an ‘s’ for their last name. Express, founded in 1979 in Birmingham, Ala., became known as a one-stop shop for quick oil changes, automotive maintenance and repair and tire sales and services.
At the time of their merger, Mavis had more than 430 service centers in seven states and Express had about 400 locations in 19 states.
The company has continued to expand. In November it said it would buy Town Fair Tire Centers Inc. for an undisclosed price. Based in East Haven, Conn., Town Fair had 100 stores throughout New England at the time of the deal announcement.
Boston-based BayPine, which was launched last year by Silver Lake co-founder David Roux and former Blackstone Group Inc. executive Anjan Mukherjee, is targeting $2 billion for its maiden fund, The Wall Street Journal reported. Wan Ling Martello, one of the firm’s partners, has significant experience with automotive businesses, serving on the boards of Uber Technologies Inc. and Stellantis NV.
Write to Miriam Gottfried at [email protected] and Dana Cimilluca at [email protected]
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