Mavis Tire Supply LLC, a portfolio company of Canadian private equity firm ONCAP, has bought Somerset Tire Service Inc, a 157-store tire retailer with locations across New Jersey, Pennsylvania and New York. ONCAP partnered with its investors and Mavis’ founders, the Sorbaro Family, to invest a total of US$48 million in the acquisition. Based in Millwood, New York, Mavis is an independent tire retailer and wholesaler. ONCAP, the mid-market platform of Onex Corp, has backed the company since October 2014. Mavis is also a portfolio investment of Canadian private equity firm Penfund. Last month, ONCAP acquired Chatters Canada Ltd.
ONCAP in Partnership with the Sorbaro Family Completes Acquisition of Somerset Tire Service
TORONTO, ONTARIO — (Marketwired) — 08/05/15 —
ONCAP today announced one of its portfolio companies, Mavis Tire Supply LLC (“Mavis”), has acquired Somerset Tire Service, Inc. (“STS”), a 157-store tire retailer with locations across New Jersey, Pennsylvania and New York. The acquisition of STS enhances Mavis’ position as one of the largest tire retailers in North America and increases its retail locations to 324 stores across the northeastern United States.
In partnership with Mavis’ founders, the Sorbaro Family, ONCAP III and its limited partners (the “ONCAP Group”) invested $48 million to acquire STS, of which Onex’ share of the investment was $25 million. Pro forma for the acquisition of STS, the ONCAP Group has a 46% interest in Mavis.
ONCAP is the mid-market private equity platform of Onex. ONCAP, in partnership with operating company management teams, invests in and builds shareholder value in North American small and mid-size companies that are leaders in their defined market niche and possess meaningful growth potential. For more information on ONCAP, visit its website at www.oncap.com.
Onex is one of the oldest and most successful private equity firms with offices in Toronto, New York and London. Through its Onex Partners and ONCAP private equity funds, Onex acquires and builds high-quality businesses in partnership with talented management teams. Onex’ credit platform manages and invests in leveraged loans, collateralized loan obligations and other credit securities. The Company has approximately $21 billion of assets under management, including $5.9 billion of Onex capital, in private equity and credit securities. Onex invests its capital through its two investing platforms and is the largest limited partner in each of its private equity funds. For more information on Onex, visit its website at www.onex.com.
Managing Director – Investor Relations
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