9 Apr 2025
TBC Corp. selling Midas franchise portfolio to New York-based Mavis Tire Express Service Corp.
Paris – TBC Corp., a US tire wholesale JV between Michelin and Sumitomo Corp., is divesting its tire and automotive service franchise to focus on core businesses.
The group has agreed to sell its Midas franchise portfolio to New York-based Mavis Tire Express Service Corp., Michelin announced 31 March.
Set for completion in “the coming weeks”, the transaction is expected to have a positive impact of $200 million (€182 million) on Michelin’s 2025 net results.
According to TBC, Midas is a “global automotive service franchise” offering a range of vehicle maintenance and repair services across 2,000 licenced locations.
Post-divestment, TBC will focus on tire wholesale, distribution and Big O Tires as its core businesses.
The deal with Mavis builds on an earlier transaction in April 2023, when TBC sold its retail operations, including 595 retail locations, to the automotive service group.
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