From Staff & Wire Reports
SOUTH BEND, IN — Tire and wheel wholesaler and mail-order/Internet retailer The Tire Rack will be going through a transition.
Company founders and patriarchs, Peter and Wilma Veldman, have announced their intention to retire from day-to-day operations of the Tire Rack to focus more attention on their charitable interests, according to the South Bend, Ind., company.
The Veldman family said it has retained financial advisors to assist in the transition, and all family members with a shareholding interest in the company will remain as owners and executives. In addition, the financial advisors “are in the process of identifying an equity investor” for an unannounced role in the transition.
Deal.com, a Web site that monitors corporate transitions, mergers and buyouts, revealed the Veldman’s pending retirement. However, according to the Tire Rack, much of what Deal.com published about the situation was inaccurate. The Tire Rack is a closely held private company. Four of Peter and Wilma’s children, and two sons-in-law, hold executive positions with the company, the couple said.
_______________________________________
Click here to view the rest of today’s headlines.