Matrix Capital Markets Group has advised TBC on the sale of Midas International, a franchisor of automotive repair and maintenance services, to Mavis Tire Express Services, a provider of automotive repair and maintenance services.
The transaction marks a milestone for TBC, a joint venture between Sumitomo Corporation of Americas and Michelin North America, as it continues to focus on innovation and growth in its core wholesale and distribution business and expand its Big O Tires franchise operations.
Midas will continue to operate as a standalone brand under the Mavis platform and maintain its headquarters in Palm Beach Gardens, Florida.
Matrix provided merger and acquisition advisory services to TBC, which included valuation advisory, conducting a confidential, structured sale process and negotiation of the transaction. The transaction was managed by Stephen Lynch, managing director; Kyle Tipping, vice president; James Mickelinc, senior associate; and Ethan Sannes, analyst.
“We greatly appreciate the professionalism, responsiveness and attention to detail that the Matrix team demonstrated throughout every phase of the transaction,” Don Byrd, CEO of TBC, said. “Their team played a critical role in not only expertly executing the sale process but also in providing thoughtful guidance that helped us navigate the transaction with clarity and confidence.”
“We are honored to have advised TBC on this transformative transaction,” Lynch said. “Midas has a storied legacy and continues to be a trusted brand within the automotive services industry. We are grateful to have been a part of this story, and we believe Mavis is well-positioned to support the continued success of the Midas franchise network.”
Bradley Edmister of Venable served as legal counsel for TBC.
