The Sterling Group has formed Premier Tire & Service as a new platform to build a one-stop tire and auto services provider.
Partnering with Sterling on this new effort is John Adams, an executive with 25 years of experience in the automotive aftermarket industry and the former CEO of FullSpeed Automotive.
FullSpeed was a portfolio company of CenterOak Partners beginning in 2017 and was sold to MidOcean Partners in 2020. At the time of sale, Colorado-based FullSpeed was the fourth largest quick lube operator in the US that operated primarily under the Grease Monkey and SpeeDee brands with more than 600 locations. In addition to oil changes, FullSpeed also provided tire sales and rotations, brake services, and car washes.
“We are excited to enter the highly attractive tire retail and service segment of the aftermarket automotive industry and partner with seasoned industry professionals to build a platform of scale,” said Lucas Cutler, a partner at The Sterling Group. Mr. Cutler joined Sterling as a partner in 2021 from CenterOak where he was a managing partner and a board member of FullSpeed Automotive.
Today, with the formation of Premier Tire & Service, The Sterling Group and Mr. Adams are seeking to acquire independent tire and retail service locations with customer-focused service models in various markets across the country. Capital to support Premier will come from Sterling’s Foundation Fund which invests in lower-middle market companies.
The Sterling Group invests in manufacturing, industrial services and distribution companies that have enterprise values from $100 million to $750 million. The Houston-headquartered firm emphasizes an operational approach in partnership with management teams to grow and improve the companies it acquires. Since its founding in 1982, The Sterling Group has sponsored the buyout of 65 platform companies and numerous add-on acquisitions with a total transaction value of over $14 billion.
© 2023 Private Equity Professional | May 24, 2023
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- Source: https://peprofessional.com/blog/2023/05/23/sterling-looks-to-roll-up-tire-services-sector/
