Icahn Automotive Acquires Four Detroit-Area Service Centers
February 27 2018 - 5:40PM
Business Wire
Locations will increase the Company’s presence and better serve
customers in the hub of the automotive industry
Icahn Automotive Group LLC (Icahn Automotive) announced today
that it has purchased four independently-owned service center
locations in Michigan’s Metro Detroit area: Belanger Tire &
Auto Service in Westland, Novi Motive Goodyear in Novi, and Fix N
Go Auto Centers in Troy and Oxford. The locations will convert to
Pep Boys Service and Tire Centers.
These acquisitions follow a previously announced
multimillion-dollar Metro Detroit expansion plan that includes Pep
Boys store openings and existing store remodels, inventory
expansion, and the recent acquisitions of Precision Tune Auto Care
and Phil Cavill’s Goodyear Tire and Auto Service Center in
Clawson.
“Icahn Automotive’s acquisitions in the heart of the world’s
automotive industry are an important step in expanding our North
America service center footprint. We share the Motor City's passion
and pride for the industry’s history and future,” said Daniel A.
Ninivaggi, Icahn Automotive CEO. “We welcome the newest members to
our team and will work together to service their loyal customers
while leveraging our expansive operations and efficient
distribution model.”
Icahn Automotive manages more than 2,000 owned and franchised
retail and service locations which operate in 49 states plus Puerto
Rico, the District of Columbia, and Canada.
About Icahn Automotive
Icahn Automotive Group LLC (Icahn Automotive) was formed by its
parent, Icahn Enterprises L.P. (NASDAQ: IEP), to invest in and
operate businesses involved in aftermarket parts distribution and
service. Our businesses have a singular focus: provide premium
automotive parts and services at a great value. The businesses of
IEP and Icahn Automotive today consist of Pep Boys, an automotive
aftermarket retail and service chain, Auto Plus®, an automotive
aftermarket parts distributor, Just Brakes®, an automotive service
chain, Precision Tune Auto Care, a network of owned and franchised
automotive service centers, and American Driveline Systems, the
franchisor of AAMCO and licensor of Cottman Transmission &
Total Auto Care service centers.
Icahn Enterprises L.P. also owns Federal-Mogul Motorparts, a
leading global supplier of both original equipment and vehicle
aftermarket products. Federal-Mogul Motorparts sells and
distributes a broad portfolio of products through more than 20 of
the world's most recognized brands, including ANCO® wipers;
Beck/Arnley® premium OE quality parts and fluids;
Champion® lighting, spark plugs, wipers and filters,
Fel-Pro® gaskets; MOOG® chassis components; and
Abex®, Ferodo®, Jurid® and Wagner® brake products and
lighting.
Caution Concerning Forward-Looking Statements
This release contains certain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995, many of which are beyond our ability to control or
predict. Forward-looking statements may be identified by words such
as “expects”, “anticipates”, “intends”, “plans”, “believes”,
“seeks”, “estimates”, “will” or words of similar meaning.
Forward-looking statements are not based on historical facts, but
rather on current expectations and projections about future events,
and are therefore subject to risks and uncertainties which could
cause actual results to differ materially from the future results
expressed or implied by the forward-looking statements. Such
statements are qualified in their entirety by the inherent risks
and uncertainties surrounding future expectations. We undertake no
obligation to publicly update or review any forward-looking
information, whether as a result of new information, future
developments or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20180227006709/en/
Icahn AutomotiveMEDIA CONTACT:Arianna Stefanoni Sherlock,
215-430-9142Shana Ferguson,
215-430-9805mediarelations@pepboys.comorMERGERS AND ACQUISITIONS
CONTACT:Brian Kaner, 215-430-9071bkaner@icahnautomotive.com
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