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$79.28 -0.4  -0.5%

Last Trade - 16/04/21

Sector
Financials
Size
Large Cap
Market Cap £39.20bn
Enterprise Value £47.59bn
Revenue £4.41bn
Position in Universe 232nd / 6850

UPDATE 1-New buyout firm BayPine close to $6 bln Mavis Tire acquisition-sources

Wed 3rd March, 2021 4:37am
(Adds BayPine partnering with TSG Consumer Partners)
    By Greg Roumeliotis and Joshua Franklin
    March 2 (Reuters) - BayPine LP is in the lead to acquire
Mavis Tire Express Services Corp for more than $6 billion,
including debt, in what would be the private equity firm's
biggest deal since its inception last year, people familiar with
the matter said on Tuesday.
    BayPine, which was formed by Silver Lake Partners co-founder
David Roux and former Blackstone Group Inc  BX.N  executive
Anjan Mukherjee, has submitted the highest bid in the auction
for the U.S. car service chain operator, the sources said. It is
partnering with buyout firm TSG Consumer Partners LP on its
offer, the sources said. 
    The deal would represent a bet that Mavis is set to bounce
back from the financial fallout of the COVID-19 pandemic, which
weighed on its sales as customer traffic declined. 
    Golden Gate Capital, the private equity firm that holds a
majority stake in Mavis, is still negotiating the final terms of
a deal with BayPine, and it is possible that the outcome could
change, the sources said.
    The sources requested anonymity because the matter is
confidential. Golden Gate declined to comment, while Mavis and
BayPine did not immediately respond to requests for comment.
    Mavis is the parent of two retail chains, Mavis Discount
Tire Inc and Express Oil Change & Tire Engineers. They provide
tire, oil change, and mechanical services at more than 1,100
service centers across 27 states, according to Golden Gate's
website.
    Golden Gate invested in Express Oil Change & Tire Engineers
in 2017 and then acquired and merged it with Mavis Discount Tire
the following year. 
    Headquartered in Boston, BayPine started raising its first
buyout fund last year.

 (Reporting by Greg Roumeliotis in New York and Joshua Franklin
in New York; Editing by Tom Hogue)
 ((Greg.Roumeliotis@thomsonreuters.com; +1 646 223 6022; Reuters
Messaging: greg.roumeliotis.thomsonreuters.com@reuters.net))
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