NEW YORK and EVANSVILLE, Ind. – Palladium Equity Partners, a private investment firm with more than $2.5 billion in assets under management, has made a significant investment, in partnership with the Raben family, in Raben Holdings LLC, an independent tire dealer and automotive services provider in the Midwest. The transaction is the fourth platform investment by Palladium in 2014.
Founded in 1952 by Butch Raben, Raben Tire has grown from a single location to 25 stores, two wholesale distribution centers and three retreading facilities across Indiana, Kentucky, Illinois, Missouri and Arkansas. The company supplies a diverse range of tires, including passenger, motorcycle and truck tires, to retail, commercial and wholesale customers.
“We are excited to partner with Palladium, a firm with strong experience in working with and growing family owned companies,” said Tom Raben, president of Raben Tire. “Palladium shares our vision of expanding the Raben Tire footprint within our existing markets and into adjacent markets across the U.S. We are ready to work together to continue growing the company that my father, brothers and I have built.”
“Raben Tire has established a strong brand reputation in the Midwest by offering excellent service to its loyal customer following and strong relationships with its suppliers,” said Luis Zaldivar, a managing director of Palladium. “My partners and I look forward to supporting the growth of Raben Tire through initiatives such as increasing the number of services offered, opening new locations and pursuing strategic acquisitions. We seek to accelerate the consolidation of a fragmented industry by providing family owned businesses with new liquidity and transition opportunities.”
Terms of the investment were not disclosed. Raben Tire was advised by Duff & Phelps Securities LLC.
