From TIRE REVIEW.
Les Schwab Tire Centers has agreed to sell the company to the investment firm Meritage Group, Les Schwab CEO Jack Cuniff said.
Les Schwab’s operations and management team will remain unchanged.
The sale is expected to be completed by the end of the year. The purchase price is not being disclosed.
The company’s board of directors and its shareholders, who the company says are all relatives of founder Les Schwab, announced in December 2019 their decision to seek new ownership for the company. In a joint statement, they cited the complexities of operating a family-owned business with five generations of family members, as well as the company’s strong position, as factors prompting the decision.
“As our family grows and ages, it has been very important to us to remain committed and aligned behind our grandfather’s vision. While it was hard to make the decision to sell the company, we are very confident Meritage Group will continue that commitment and alignment, and will build on all we have accomplished over the past 68 years,” they said.
“The decision to sell has always been about securing the long-term success of the company,” Cuniff said. “Meritage Group has a history of preserving culture and values while growing its companies with investment over time. This is a great fit, and aligns well with Les’ vision and all we have built together.”
Meritage Group, a family-owned private investment firm founded by Nat Simons, invests in public and private companies across a variety of sectors. It continues to own to this day Portland, Oregon-based national beverage distributor Columbia Distributing, which it acquired in 2012.