'New' American Tire Distributor to focus on inventory rebuilding, footprint

Huntersville, North Carolina – American Tire Distributors Inc. (ATD) has completed the sale of substantially all of its assets to a buyer entity formed by certain of its existing lenders.

To be led by Ira Silver, the newly formed company will take over immediately “under the ownership of well-capitalised investors dedicated to achieving long-term success,” ATD announced 5 March.

The US tire distributor, it stated, is “set to accelerate growth” with a focus on its core tire distribution business.

Backed by “a strong financial foundation,” the new company intends to invest significantly in rebuilding inventory and optimising its distribution footprint, said the statement.

“With a strong financial position, experienced leadership team, and committed new owners, American Tire Distributors is ready to write its success story,” said Silver, who will serve as president and CEO.

ATD, the largest independent wholesale tire distributor in the US, filed for bankruptcy protection last October and was rescued by an ‘ad hoc group’ of lenders in January.