Palladium Equity Partners has sold Raben Tire Company to Goodyear. No financial terms were disclosed. Based in Evansville, Indiana, Raben is a tire and service company.
NEW YORK, Dec. 18, 2019 /PRNewswire/ — Palladium Equity Partners, LLC (along with its affiliates, “Palladium”), a middle market private equity firm with approximately $3 billion in assets under management, today announced the sale of Raben Tire Company (“Raben”) to The Goodyear Tire & Rubber Company (“Goodyear”). Terms of the transaction were not disclosed.
Founded in 1952 and headquartered in Evansville, Indiana, Raben is one of the largest tire and service companies in the Midwest. Its operations include more than 30 commercial and consumer tire and service locations and retread production plants. Palladium invested in the company in partnership with the Raben family in 2014.
“As Raben joins the Goodyear family of industry-leading products and services, we thank Palladium for their strong partnership with our team over the past five years,” said Scott Cisney, CEO of Raben. “Together with Palladium, we executed a range of initiatives, including increasing the number of services offered, opening new locations, and pursuing strategic acquisitions.”
“We knew when we invested in the company in 2014 that Raben had established a strong brand reputation in the Midwest by offering excellent service to its loyal customer following and strong relationships with its suppliers,” said Chris Allen, a Managing Director of Palladium. “It was important to Palladium to work closely with Scott Cisney and his team to execute a focused strategy that recognized the achievements of this family-founded company while expanding and strengthening the business through organic and M&A initiatives.”
Dean Holland, Chairman of Raben, said, “Palladium played a key role in Raben’s growth as one of the largest tire and service companies in the Midwest, helping to professionalize a business founded at a single location in 1952 by Butch Raben. We are pleased that Raben will now join the Goodyear family, expanding its network and strengthening its ability to serve fleets.”
BB&T Capital Markets, a division of BB&T Securities, LLC, acted as exclusive financial advisor to Raben. Greenberg Traurig, LLP acted as Raben’s legal counsel.
About Palladium Equity Partners, LLC
Palladium is a middle market private equity firm with approximately $3 billion of assets under management. The firm seeks to acquire and grow companies in partnership with founders and experienced management teams by providing capital, strategic guidance and operational oversight. Since its founding in 1997, Palladium has invested approximately $2 billion of capital in 33 platform investments and more than 135 add-on acquisitions. The firm focuses primarily on buyout equity investments in the range of $50 million to $150 million. The principals of the firm have significant experience in consumer, services, industrials, and healthcare businesses, with a special focus on companies they believe will benefit from the growth in the U.S. Hispanic population. Palladium is based in New York City. For more information, visit www.palladiumequity.com.