Monro Muffler Brake Inc., a provider of automotive undercar repair and tire services, announced that it is has completed the acquisition of Vespia Tire Centers Inc. effective June 5. The 24 Vespia locations purchased, which generated net sales of about $36 million in 2010, expand Monro’s footprint in New Jersey and Eastern Pennsylvania. The purchase, terms of which were not announced, was funded through the company’s existing line of credit.
“The Vespia transaction fits well into our stated strategy of seeking value-priced acquisitions that strengthen our geographic footprint and expand our market share,” says Robert G. Gross, Monro chairman and chief executive officer. “We are currently integrating the Vespia stores into our highly efficient business model and expect to benefit from the established store density, strong brand recognition and loyal customer base of this well-established chain.”
