Mavis Tire Gets Another Investor

Neuberger Berman has acquired a minority equity interest in Mavis Tire Express Services, one of the largest independent tire and service providers in the United States.

The investment from Neuberger Berman (NB) was used to support Mavis’s acquisition of 392 NTB Tire and Service Centers and 203 Tire Kingdom Service Centers with locations throughout Florida and Texas, and other Mid-Atlantic, Midwest and Southeastern states.

Mavis is a tire dealer and automotive aftermarket service provider with more than 2,000 locations across the United States. The company’s repair and maintenance products and services include tires, brakes, alignments, suspension, shocks, struts, oil changes, and battery replacement.

Mavis was founded in 1972 by Marion Yagour and her son Victor Sorbaro. The first Mavis store was opened in the Bronx, New York, and sold tires and provided installation services.

In October 2014, ONCAP acquired Mavis in partnership with the founding Sorbaro family. In 2018, Golden Gate Capital acquired Mavis and merged it with its portfolio company Express Oil Change & Tire Engineers. BayPine and TSG Consumer Partners purchased a majority equity interest in the company from Golden Gate in March 2021 with Golden Gate maintaining a minority equity interest. Neuberger Berman’s investment in Mavis was made through its NB Alternatives unit.

“We are excited to partner with management, as well as existing investors BayPine, TSG, and Golden Gate Capital to support Mavis’s continued growth. We have long admired the company and believe Mavis’s demonstrated track record of high-quality service will continue to be valued by customers in the years to come,” said J.T. Munch, a managing director at NB Alternatives.

Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages equities, fixed income, private equity and hedge fund portfolios for institutions and advisors worldwide with $436 billion in assets under management as of March 31, 2023. The firm has offices in 23 countries and is headquartered in New York City.

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