US Tire Retailer Mavis Acquires Pep Boys in $700m Deal

US tire retailer Mavis Tire Express Services has agreed to acquire automotive service chain Pep Boys from Icahn Enterprises in a cash deal worth around $700 million. The acquisition will expand Mavis’ network to more than 4,400 outlets across North America. Pep Boys operates nearly 800 locations across the US and Puerto Rico, offering tire fitting, vehicle repairs, oil changes, and maintenance services. The deal is expected to close in the coming months, subject to customary closing conditions. According to David Sorbaro, co-chief executive officer of Mavis, Pep Boys brings a loyal customer base, deep-rooted market presence, and a distribution network that will enhance Mavis’ supply chain nationwide. The acquisition significantly strengthens Mavis’ presence in the western US and expands its position in existing markets.