“This acquisition furthers our stated strategy to grow through service and tire centers,” says Mike Odell, Pep’s president and CEO. “We are very excited to add this many new service and tire centers in a single transaction and to improve our market density in Orlando, Atlanta and the Gulf area of Florida and Alabama.”
Terms of the deal were not disclosed.
Founded in 1954, Big 10 had been acquired by an affiliate of business turnaround specialists Sun Capital Partners, Inc. in November of 2006. The company initiated a restructuring process by filing for bankruptcy in June of 2009.
Since the acquisition, Big 10 has optimized its cost structure and footprint to remain competitive during both the recession and an era of rising fuel prices, according to Peter Y. Lee, a Sun vice president.
Big 10 has expanded its product offerings, realigned the management structure to improve operating efficiencies and launched a campaign that further strengthened the company’s core markets, he reports, adding that Big 10’s performance has improved and the company has grown through a targeted reopening of select stores that were closed during the bankruptcy and restructuring process.
“We are delighted by the progress Big 10 has made. The company has maintained its position as one of the leading aftermarket tire and service retailers able to weather even the most challenging market conditions,” says Lee. “We are confident that Big 10 will continue to perform and grow under its experienced new owners.”