Palm Beach Gardens, Fla. and White Plains, N.Y. – (March 31, 2025) – TBC Corporation (“TBC”), a leader in the mobility industry and one of North America’s largest marketers of automotive replacement tires through wholesale and franchise operations, announced today that it has entered into an agreement to divest Midas to Mavis Tire Express Services Corp. (“Mavis”). Mavis is a leading provider of automotive repair and maintenance services. Financial terms of the pending transaction are not being disclosed.
Midas provides automotive repair and maintenance services at approximately 2,000 franchised and licensed Midas stores in roughly 20 countries, including nearly 1,200 franchised locations across the United States and Canada.
Upon transaction close, Mavis’s retail footprint across its brands will span approximately 3,500 stores in the United States and Canada, including nearly 1,300 franchised locations. Midas will continue to operate as a standalone brand under the Mavis platform and maintain its headquarters in Palm Beach Gardens, Florida.
TBC will continue to focus on innovation and growth in its wholesale and distribution business and expand its Big O Tires franchise operations.
“We are thrilled to acquire Midas, as it adds another highly regarded brand to our portfolio and represents a compelling opportunity to expand into attractive new markets,” said David Sorbaro, Co-Chief Executive Officer, Mavis Tire Express Services Corp. “Mavis has a strong track record of helping brands grow and working collaboratively with franchisees, and we are confident that Midas’s customers will continue to receive the same high-quality experience and service that they have come to expect. We are excited to welcome the talented Midas team to the Mavis family and look forward to partnering with Midas’s excellent franchisees to help fuel the future growth of their businesses and expand the Midas footprint.”
The transaction, which is subject to customary closing conditions, is expected to close in the second quarter of the 2025 calendar year.
Matrix acted as the financial advisor to TBC and Venable LLP served as legal counsel. Jefferies LLC acted as exclusive financial advisor to Mavis and Covington & Burling LLP served as legal counsel.
About TBC Corporation
TBC Corporation (TBC) is one of North America’s largest marketers of automotive replacement tires through wholesale and franchise operations. TBC serves wholesale customers in the United States, Canada, Mexico and South America through TBC Brands, NTW, TBC International, and TBC de Mexico. Additionally, TBC responds to the needs of consumers in search of total car care at more than 2,400 franchised and licensed tire and automotive service centers under the Big O Tires® and Midas® brands. For more information, visit tbccorp.com.
About Midas
Midas, a subsidiary of TBC Corporation, is an award-winning franchise brand and leading provider of automotive repair and maintenance services at approximately 2,000 franchised and licensed Midas locations in nearly 20 countries, with nearly 1,200 franchised locations across the United States and Canada. Midas is known for its industry-leading guarantee. Midas ranked number one in the Automotive Repair and Maintenance Services category in Entrepreneur’s 46th annual Franchise 500® ranking. For more information, visit midas.com.
About Mavis
Mavis Tire Express Services Corp., based in White Plains, New York, is one of the largest independent tire and service providers in the United States, with more than 2,300 service centers across 38 states. In addition to its core offering of tires from over 20 major brands, Mavis offers a menu of repair and maintenance services including brakes, alignments, suspension, shocks, and exhaust. Mavis, which was founded in 1972 by Marion and Victor Sorbaro and has roots dating back to 1949, has a strong reputation for delivering best-in-class customer service and quality. For more information, visit mavis.com.
