TBC Corporation Completes Divestiture of NTB and Tire Kingdom to Mavis
Palm Beach Gardens, Florida (June 1, 2023) – TBC Corporation (“TBC”), one of North America’s leading providers of mobility solutions, announced today that it has completed the divestiture of its company-owned retail portfolio to Mavis Tire Express Services Corp. (“Mavis”). In connection with the transaction, TBC transferred ownership and operation of 392 NTB Tire and Service Centers (“NTB”) and 203 Tire Kingdom Service Centers (“Tire Kingdom”) to Mavis. Financial terms of the transaction are not being disclosed.
As part of the agreement, TBC will provide wholesale and tire distribution for the combined network of approximately 2,000 Mavis retail locations.
Sam Kato, President and Chief Executive Officer, TBC Corporation, said, “We are grateful for the countless contributions our NTB and TK associates have made to our business and their customers. We look forward to their continued successes as part of Mavis. This transaction is an important step in the TBC strategic growth plan as a leader in the mobility and automotive industry. We are now well-positioned to drive sustained growth and innovation with more focused business strategies to enable the company to maximize value for its customers and partners.”