The deal due to be completed by the end of the year; Price, terms not disclosed
BEND, Ore. (KTVZ) – Bend-based Les Schwab Tire Center – which calls itself “the nation’s highest-ranked, most customer-focused tire retailer” – has entered into an agreement to sell the company for family-owned investments. , Les Schwab Chief Executive Officer Jack Cuniff said on Tuesday.
The terms were not disclosed when one of the most prestigious central Oregon-born companies and the region’s third-largest private employer put themselves up for sale late last year, a deal that analysts said Can be up to $ 3 billion.
“The decision to sell has always been about achieving the company’s long-term success,” Cuneiff said in a news release.
“Market Group has a history of preserving culture and values while developing its companies over time. It is a great fit, and aligns well with the vision of the laces and all of us together, ”said Cuneiff.
Les Schwab’s board of directors and its shareholders, who are all relatives of founder Les Schwab, announced their decision to seek new ownership for the company last December. He cited the complexities of operating a family-owned business with five generations of family members, as well as the company’s strong position as a deciding factor.
The sale process was delayed and even suspended at the end of June due to difficulties arising from COVID-19 epidemic travel and other restrictions.
Shareholders of the Schwab family said in a joint statement this week: “As our family grows and ages, it is very important for us to be committed and align behind our grandfather’s vision. While the decision to sell the company was difficult, we are confident that the Meritors Group will continue to make that commitment and alignment, and will fulfill all of us over the last 68 years. ”
The family said that after taking ownership of the company, Les Schwab’s future with the Meritz Group is bright.
“We are thrilled with this result,” he said. “The long-term vision of the company, the opportunities for employees, and the tremendous importance of our customers will always remain as Dada’s imagination.”
The Meritz Group, a family-owned private investment company founded by Net Simons, invests in public and private companies across a wide range of sectors. It continues to this day for Portland, Oregon-based national beverage distributor Columbia Distribution, which it acquired in 2012.
“We see Les Schwab Tires as an ideal investment,” said Aubrey Berth, Managing Director of Meritrat. “The company’s exceptional staff and programs, strong financial and respected, customer-centric brand set it up for success for years to come.”
“It was only to read 50 pages of Les’s book to realize that the company was a great cultural fit for Meritorit,” said Alex Magro, co-chairman and senior managing director of Meritz.
The companies said that Les Schwab’s operations and management team would remain unchanged. The sale is expected to be completed by the end of the year. The purchase price and the terms of the transaction were not disclosed.
About les schwab
Les Schwab Tire Center (www.lesschwab.com) is one of the leading independent tire dealers in the United States, with approximately 500 locations in Oregon, Washington, Alaska, Idaho, Montana, California, Nevada, Utah, and more than 7,000 employees Huh. Colorado and Wyoming. In August 2019, leading national consumer magazine Consumer Reports rated Les Schwab the number 1 tire retailer. Also in 2019, JD Power awarded Les Schwab No. 1 in customer satisfaction in both tire replacement and aftermarket general maintenance.
The company has been recognized for its business practices through several awards, including a Milestone Award from the Oregon Sustainability Board; Oregon Department of Economic and Community Development Honors; An Environmental Excellence Award from the Washington Business Association; Integrity Counts Award and Oregon 2012, 2013, 2014, 2015 and 2016 Top Workplace Accreditation from Northern Idaho Better Business Bureau.
About Meritz Group LP
Meritz Group LP is a family-owned private investment company founded by Nat Simons with assets of over $ 10 billion as of December 31, 2019.
Meritz began investing in 1997, and pursued investment strategies in public and private equity, credit, and real estate that are typically fundamentally oriented and long-term in their investment horizons.
Meritz Group LP has offices in San Francisco, Greenwich and New York City and currently has a team of about 50 people.
Background information of Les Schwab Tire Centers
Les Schwab Tire Center (www.lesschwab.com), headquartered in Bend, Oregon, is one of the leading independent tire dealers in the United States. The company has more than 7,000 employees at approximately 500 locations in Oregon, Washington, Alaska, Idaho, Montana, California, Nevada, Utah, Colorado and Wyoming.
Les Schwab founded the company bearing his name in 1952 and quickly established a reputation for outstanding customer service. Previously Les Schwab stores opened in small towns and rural communities with a guiding principle – providing their neighbors with excellent customer service and high quality products. This unilateral focus on serving customers continues even today. “Pride in performance,” a slogan coined by the founder, describes a commitment to providing the best tire value to every employee and always providing world-class customer service.
Les Schwab is recognized for many innovative business practices. It pioneered the concept of offering a supermarket selection of tires in its showrooms – allowing customers the opportunity to inspect and select the tires they wanted. For more than 50 years, the company has stood behind its products and services by providing customers with written warranties on tires, brakes and other products.
Other innovations include industry-leading employee recruitment and retention programs. Les Schwab believes that world-class customer service begins with employees who are powerfully motivated to serve. The company encourages employees who put the customer first with opportunities to advance within the organization and provide them with online and hands-on training to help them improve their skills. From within its long-standing policy, hourly employees have the opportunity to promote store management.
Les Schwab’s employee award program is more than any other in the retail tire industry. The company established its first profit sharing program in 1954, and today shares nearly half of its profits with employees through generous health benefits, bonuses and retirement programs.
At Les Schwab, the commitment to service is threefold – service to customers, employees and communities. The company is recognized for its volunteer efforts, sponsors, local environmental and business practices. In August 2019, leading national consumer magazine Consumer Reports rated Les Schwab the number 1 tire retailer. Also in 2019, JD Power awarded Les Schwab No. 1 customer satisfaction in both tire replacement and aftermarket general maintenance. The company has received several additional awards, including: a Milestone Award from the Oregon Sustainability Board, Oregon Economic and Community Development Department honors, an Environmental Excellence Award from the Washington Business Association, an Integrity Count from the Northern Idaho Better Business Bureau . And The oregon Top workplace recognition every year from 2012-2018.
Les Schwab Tire Center Fast Facts
Number of stores: Around 500 (September 2020)
Retail Sales: $ 1.8 billion (September 2020)
Number of Employees:More than 7,000
place: Oregon, Washington, Alaska, Idaho, Montana, California, Nevada, Utah, Colorado, and Wyoming
company headquarters : Bend, Oregon
20900 Koili Road
Bend, Oregon 97701
Chief Officer:Jack Cuniff, Chief Executive Officer
John Robertson, president of store operations
Corey Park, Chief Administration Officer
Dale Thompson, Chief Marketing Officer
Recent awards and
recognise:# 1 Rank Tire Retailer – consumer Reports, 2019
Number 1 in Customer Satisfaction in both Tire Replacement and Aftermarket General Maintenance Survey – JD Power, 2019
People’s Choice Award – The fresno be, 2018
People’s Choice Award – Tri city herald, 2018
Oregon Ethics in Business Award – Rotary Club of Portland, 2018
Top Work Locations in Oregon and Southwest Washington – Oregonian, 2012-2018
Heart of Community Award – Hands on Greater Portland, 2013
Better Business Bureau Integrity Counts! Honore, Snake River Region – Idaho Better Business Bureau, 2010
Environmental Excellence Award – Association of Washington Business, 2008
Best place to work – Oregon Business Magazine, 2008
Governor Gold Award – Oregon Governor Ted Kulongowski, 2003
Best passenger-vehicle and light-truck tire retailer – JD Power, 2000-2003
Family Business Award – Oregon State University, 2002 Tire Dealer of the Year – Modern Tire Dealer, 2000
Digital Channel: Website: lesschwab.com