Tire Rack was founded in 1979 and is headquartered in South Bend. But over the weekend, Arizona-based Discount Tire announced it was acquiring the company as a wholly owned subsidiary for an undisclosed amount.
The transaction is expected to be completed by the end of this year.
According to a news release, the combined companies will operate nationwide and employ more than 25,000 people. Tire Rack currently employs over 950 people.
Discount Tire is headquartered in Scottsdale, Arizona and has 1,100 stores in 37 states. Current Discount Tire CEO Dean Muglia will lead the combined company, and Mike Joines will stay as the CEO of Tire Rack.
According to the release, the combined company plans to keep using the Tire Rack brand name, and the Tire Rack headquarters will stay in South Bend.
Current Tire Rack executives and management will stay in their roles in the new subsidiary. The Veldman family, who founded Tire Rack, will have representation on the Board of Directors of Discount Tire.
Contact Jakob at jlazzaro@wvpe.org or follow him on Twitter at @JakobLazzaro.
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