Richmond, VA/Baltimore, MD – May 20, 2019 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading independent investment bank, announced the closing of the previously announced sale of Certified Tire & Service Centers, Inc. (“Certified Tire”) to Monro, Inc. (NASDAQ: MNRO), a major provider of automotive repair and tire services. This acquisition includes Certified Tire’s 40 retail locations and a distribution center in California.
Founded in 1997 by automotive industry veteran Jeff Darrow, Certified Tire has grown from a single store in Moreno Valley to 40 locations across Los Angeles, San Francisco, and San Diego, becoming the third-largest independent tire dealer in California and the 27th largest in the United States. The company’s approximately 275 employees will be transitioning to Monro as part of the acquisition.
Reflecting on the transaction, Mr. Darrow said, “As we’ve expanded across California, our focus has always been on providing superior tire and automotive service to our customers. Joining Monro, which shares our values, is an exciting next step for Certified Tire, and I’m pleased to see our employees benefit from this partnership.” Mr. Darrow praised Matrix’s support, saying, “The team at Matrix has been incredible, working tirelessly to secure the best transaction for my family and Certified Tire.”
Monro, headquartered in Rochester, NY, operates over 1,200 stores and recently expanded into California through this acquisition. Monro CEO Brett Ponton expressed enthusiasm, stating, “This acquisition strengthens our presence in California, a dynamic market that aligns with our growth strategy. We’re delighted to welcome Certified Tire’s team to Monro.”
Matrix served as exclusive financial advisor to Certified Tire, with a team led by David Shoulders, Managing Director of the Consumer & Industrial Products Group, supported by Vice President William O’Flaherty, Associate Robbie Nickle, and Analyst John Mosser. Mr. Shoulders commented, “We are honored to have guided Certified Tire through this sale and consider the automotive and tire service sectors to be core areas of focus for Matrix’s Consumer and Industrial Products Group. We’re grateful for our close relationship with the Darrow family and look forward to supporting Jeff in his future endeavors.”
