BayPine LP Leads Acquisition of Mavis Tire Express Services Corp for Over $ 6 Billion, Including Debt, in What Would Be the Private Equity Firm’s Biggest Deal since Inception in the Year last, people familiar with the matter said on Tuesday.
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BayPine, which was formed by Silver Lake Partners co-founder David Roux and former Blackstone Group Inc executive Anjan Mukherjee, submitted the highest bid in the auction for the US chain operator. auto services, the sources said. It is partnering with buyout firm TSG Consumer Partners LP on its offer, the sources said.
The deal would represent a bet Mavis is set to bounce back from the financial fallout from the COVID-19 pandemic, which has weighed on its sales as customer traffic declines.
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Golden Gate Capital, the private equity firm that owns a majority stake in Mavis, is still negotiating the final terms of a deal with BayPine, and the outcome may change, the sources said.
The sources requested anonymity as the matter is confidential. Golden Gate declined to comment, while Mavis and BayPine did not immediately respond to requests for comment.
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Mavis is the parent company of two retail chains, Mavis Discount Tire Inc and Express Oil Change & Tire Engineers. They provide tire, oil change and mechanical services at more than 1,100 service centers in 27 states, according to the Golden Gate website.
Golden Gate invested in Express Oil Change & Tire Engineers in 2017, then acquired it and merged with Mavis Discount Tire the following year.
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Boston-based BayPine began raising its first buyout fund last year.
(Reporting by Greg Roumeliotis in New York and Joshua Franklin in New York; editing by Tom Hogue)
