Tire Kingdom
Tire Kingdom is a tire and automotive repair and maintenance chain whose main market is Florida. Founded by Chuck Curcio in West Palm Beach in 1972, it was owned in turn by Michelin, an investor group led by Goldman Sachs and the tire wholesaler TBCThe Boring CompanyAn American tunneling company founded by Elon Musk that develops Prufrock machines and builds and operates Loop transportation systems.Open the full entry Corporation, and in June 2023 it was sold to Mavis Tire Express ServicesMavis Tire Express ServicesMavis Tire Express Services Corp. is a tire and automotive repair and maintenance provider headquartered in White Plains, New York, which describes itself as one of the largest independent tire and vehicle service providers in North America. It grew out of a bicycle repair shop the Sorbaro family opened in Westchester County, New York, in 1949 and was founded as Mavis Tire Supply in 1972. After merging with Express Oil Change & Tire Engineers in 2018, it went on to acquire chains including NTB, Tire Kingdom, Tuffy, Midas and Pep Boys, and is led by the brothers David Sorbaro and Stephen Sorbaro as co-chief executive officers.Open the full entry together with the rest of TBC’s company-owned retail business.
Contents11 sections
Key facts
1972Founded by Chuck Curcio in West Palm Beach
In 1972 Chuck Curcio founded Tire Kingdom in a small stall at a farmer’s market in West Palm Beach, Florida; built on customer service and automotive know-how, it quickly expanded across the state. In the 1980s and 1990s Tire Kingdom expanded beyond Florida, opening stores in Georgia, Louisiana and the Carolinas, and as far afield as New Hampshire and the U.S. Virgin Islands.[1][1][1]
1989–1993Owned by Michelin, Then Sold to an Investor Group Led by Goldman Sachs
In 1989 Tire Kingdom was acquired by the tire manufacturer Michelin; in 1993 it was sold to an investor group led by Goldman Sachs.[1]
June 5, 2000Acquired by TBC Corporation
On June 5, 2000, the Nasdaq-listed tire wholesaler TBC Corporation acquired Tire Kingdom, Inc., then a privately owned company operating retail tire centers in the southeastern United States, for a total of $45 million in cash less certain adjustments, with the acquisition effective from June 1, 2000. At the time of the acquisition Tire Kingdom had 148 stores, was based in Riviera Beach, Florida, and had generated nearly $225 million in sales in 1999; it marked TBC’s first large-scale move into directly owning retail stores.[2][2][2][3][3][4]
2002Mueller Tire & Brake Stores Folded In
In early 2002 TBC acquired 19 Mueller Tire & Brake stores in Cleveland, Ohio, and converted all of them to the Tire Kingdom banner and format. Tire Kingdom continued to grow through acquisitions and new store openings, and TBC’s 2003 annual report listed Tire Kingdom, Inc. among the wholly owned subsidiaries operating its company-owned stores.[3][3][5]
September 19, 2005Parent Company TBC Acquired by Sumitomo
On September 19, 2005, Sumitomo Corporation of America, the U.S. subsidiary of the Japanese trading company Sumitomo Corporation, announced an agreement to acquire TBC Corporation for $35.00 per share in cash, a total transaction value of about $1.1 billion including debt; on completion TBC became its subsidiary, and Tire Kingdom came under Sumitomo ownership along with it.[4][4][4]
2015Stores Outside Florida Rebranded as NTB
May 22, 2023TBC Announces Sale to Mavis
On May 22, 2023, TBC Corporation announced the sale of its company-owned retail business to Mavis Tire Express Services, including 203 Tire Kingdom Service Centers and 392 NTB stores; financial terms were not disclosed. TBC chief executive Sam Kato said that after divesting company-owned retail the company would focus on wholesale and distribution and on its Midas and Big O Tires franchise businesses. All Tire Kingdom store and retail field management staff were given the opportunity to continue working for Mavis.[6][6][6][6][6]
June 1, 2023Joins Mavis
On June 1, 2023, TBC completed the transaction, transferring ownership and operation of the 203 Tire Kingdom stores to Mavis. Tire Kingdom has since been wholly owned and operated by Mavis, continuing to serve Florida and parts of the Southeast under its original name, with online booking available through the Mavis website.[7][1][1][1]
Services
Tire Kingdom stores offer sales and installation of tires from all major brands, tire rotation and balancing, oil changes and scheduled maintenance, brake inspections and repairs, wheel alignments, battery testing and replacement, steering and suspension service, and state vehicle inspections where required.[1]
Related Organizations, Websites, and Public Accounts
Tire Kingdom: Official website: https://www.mavis.com/tirekingdom/ (opens in a new window).[1]
X: Public account: https://x.com/tirekingdom (opens in a new window)[1]
LinkedInLinkedInLinkedIn is a social networking platform for professionals. It was founded in 2002 by Reid Hoffman and others, launched in 2003, and listed on the New York Stock Exchange in 2011; after Microsoft acquired it for approximately $26.2 billion in 2016, it became a wholly owned Microsoft subsidiary. Its revenue comes from membership subscriptions, advertising, and recruitment solutions.Open the full entry: Public profile: https://www.linkedin.com/company/tire-kingdom (opens in a new window)[1]
YouTubeYouTubeYouTube is Google’s video-sharing and creator platform, founded in 2005 by Steve Chen, Chad Hurley, and Jawed Karim and acquired by Google in 2006. Built around video uploading, viewing, and creator earnings, the platform has developed Shorts, YouTube Music, Premium, YouTube TV, and products for children, and is headquartered in San Bruno, California, United States.Open the full entry: Public channel: https://www.youtube.com/tirekingdom (opens in a new window)[1]
Sources
- Tire Kingdom | Mavis Tire (opens in a new window)
- TBC Corporation Form 10-K for the fiscal year ended December 31, 2000 (opens in a new window)
- Mavis and TBC: No Strangers to Each Other (opens in a new window)
- Sumitomo Corporation of America Announces Agreement to Acquire TBC Corporation (opens in a new window)
- TBC Corporation Form 10-K for the fiscal year ended December 31, 2003 (opens in a new window)
- TBC Corporation to Divest NTB and Tire Kingdom Businesses to Mavis (opens in a new window)
- TBC Corporation Completes Divestiture of NTB and Tire Kingdom to Mavis (opens in a new window)
- Mavis Discusses NTB/Tire Kingdom Integration (opens in a new window)
- Mavis Completes Acquisition of Pep Boys from Icahn Enterprises (opens in a new window)