From Staff & Wire Reports
LOS ANGELES — A report in Automotive News said that the Los Angeles-based investment group that is buying a share in The Tire Rack will take a 49 percent stake.
Leonard Green & Partners, which owns shares in the Rite Aid drugstore chain and Diamond Triumph Auto Glass, will effectively buy out The Tire Rack founders, Peter and Wilma Veldman, while remaining family members and senior management would retain 51 percent in the South Bend, Ind., mail order and wholesale tire and wheel company.
Family members and senior management that will retain majority ownership include Mike Joines, Tom Veldman, Matt Edmonds and Mark Veldman.
A June 1 report on The Deal.com suggested Leonard Green & Partners’ would spend upwards of $350 million for its minority stake in The Tire Rack, according to Automotive News.
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