Market Overview

Mavis Discount Tire and Express Oil Change & Tire Engineers to Merge


Transformational Transaction Creates One of the Largest Automotive
Service Providers in the U.S.

David and Stephen Sorbaro Will Lead the Combined Company; Ricky
Brooks to be Named Executive Chairman

Mavis Discount Tire ("Mavis") today announced that it has signed a
definitive agreement to merge with Express Oil Change & Tire Engineers
("Express"), a Golden Gate Capital portfolio company, creating one of
the largest independent automotive service platforms in the U.S. Upon
closing, the combined company will be led by Mavis' current Co-Chief
Executive Officers, David and Stephen Sorbaro, and Express' Chief
Executive Officer, Ricky Brooks, will be named Executive Chairman. ONCAP
is selling its stake in Mavis to Golden Gate Capital, which, along with
the Sorbaros, will be significant shareholders in the combined company.
Financial terms of the transaction, which is expected to close in the
first half of 2018, were not disclosed.

The merger of Mavis and Express unites two of the leading operators in
the automotive service sector with a history of strong organic sales and
service center growth. The combined company will operate more than 830
locations in 24 states across the East Coast, South and Midwest. Golden
Gate Capital expects to continue to invest behind this scale platform to
accelerate new unit development and to acquire additional automotive
service providers in the combined company's core and contiguous markets.

"We are thrilled to partner with Express and Golden Gate Capital to
create a leading company in the auto service industry in terms of
service center footprint, financial strength and service quality. We
have long admired Ricky and the entire Express team, who share the same
values of integrity, trust and outstanding customer service," said David
Sorbaro, Co-Chief Executive Officer of Mavis Discount Tire. "Express is
the ideal partner as we continue to expand our footprint nationally.
We're grateful for ONCAP's support throughout its ownership, and Stephen
and I look forward to continuing to provide customers at Mavis and
Express with the very best auto care in the industry."

"This exciting transaction unites two customer-driven companies with a
deep-rooted service ethic. Mavis has long been a leader in providing
cost-effective and quality tires and service, and we are delighted for
the opportunity to partner with them and benefit from each other's
expertise," said Ricky Brooks, Chief Executive Officer of Express Oil
Change & Tire Engineers. "I am confident that together, Mavis and
Express will create an entirely new standard of auto care in the U.S."

Josh Cohen, a Managing Director at Golden Gate Capital, said, "For years
we have observed both Mavis' and Express' tireless dedication to their
customers and operational excellence and we're elated to have the
opportunity to partner with the Sorbaros and Ricky. Uniting these
strong, recognized brands will combine best practices and result in an
acceleration of their current industry-leading growth."

Evan Hershberg, a Managing Director at ONCAP, said, "During our
ownership David and Stephen did a fantastic job expanding on their
world-class platform. We're proud of what we accomplished together and
we wish Mavis, Express and Golden Gate Capital continued success."

Jefferies is serving as the exclusive financial advisor to Mavis and is
leading the financing group which includes Antares Capital, KKR Capital
Markets, Angel Island Capital and Cowen. Ropes & Gray LLP and Nob Hill
Law Group P.C. served as legal advisors to Golden Gate Capital and
Express, and Covington & Burling LLP served as legal advisor to Mavis,
the Sorbaro family and ONCAP.

About Mavis Discount Tire

Mavis Discount Tire, based in Millwood, New York is one of the largest
independent tire and service providers in the United States, with more
than 430 service centers across seven states, including New York, New
Jersey, Pennsylvania, Connecticut, Massachusetts, Georgia and Florida.
In addition to its core offering of tires from over 20 major brands,
Mavis offers a menu of repair and maintenance services including brakes,
alignments, suspension, shocks, and exhaust. Mavis, which was founded in
1972 by Marion and Victor Sorbaro and has roots dating back to 1949, has
a strong reputation for delivering best-in-class customer service and
quality. For more information, visit

About Express Oil Change & Tire Engineers

Express Oil Change & Tire Engineers is one of the United States' largest
independent automotive service centers, providing total car care
solutions across approximately 400 company-owned and franchise locations
in 19 states. Founded in 1979 and headquartered in Birmingham, Alabama,
Express pioneered a unique operating model offering quick oil changes,
automotive maintenance and repair, and tire sales and services, all
under one roof. For more information, visit

About Golden Gate Capital

Golden Gate Capital is a San Francisco-based private equity investment
firm with over $15 billion of capital under management. The principals
of Golden Gate Capital have a long and successful history of investing
across a wide range of industries and transaction types, including
going-privates, corporate divestitures, and recapitalizations, as well
as debt and public equity investments. Representative multi-unit
consumer sector investments sponsored by Golden Gate Capital include
Express Oil Change & Tire Engineers, Bob Evans Restaurants, Red Lobster,
Eddie Bauer, California Pizza Kitchen, Pacific Sunwear, Express and
Zales. For more information, visit


ONCAP is the mid-market private equity platform of Onex (TSX:ONEX). In
partnership with operating company management teams, ONCAP invests in
and builds value in North American headquartered medium-sized businesses
that are market leaders and possess meaningful growth potential. For
more information on ONCAP and Onex, visit

View Comments and Join the Discussion!