A partnership including the owners of 19 Midas locations along the Front Range has acquired 30 Midas stores in nine Midwestern and Eastern states from Midas Corp.
Jeff Genuario, president of Midas of Colorado, which owns 10 franchised Midas locations in the Colorado Springs, Denver and Pueblo areas, said he formed a Denver-based partnership with Judd Shader, who owns five Midas and four Big O Tire locations in the Denver area, to acquire Midas locations last month in Connecticut, Delaware, Illinois, Indiana, Massachusetts, Michigan, New Jersey, Pennsylvania and Wisconsin with more than 200 employees. Terms of the transaction with Midas Corp. were not disclosed, but Genuario said all employees were retained after the deal was completed.
"We were looking to expand the Midas brand, and this is a great opportunity," Genuario said.
The transaction has been in the works since March. Neither Genuario or Shader own a stake in either others' businesses, but are equal partners in Leeds West Management Group, the partnership they formed to buy the locations from Midas Corp., Genuario said. The group is not planning any further acquisition "at this time," but is studying expanding to additional locations in the 10 states, he said.
Genuario took over as president of Midas of Colorado earlier this year after his father, Ron Genuario, retired. The company was started by his grandfather, Wes Westland, in 1975. Midas was started by Nate Sherman in 1956 as a muffler repair shop in Macon, Ga., and later expanded into shock absorbers and eventually all types of vehicle repairs and through franchising opened 2,250 outlets across the nation and later in Australia, Brazil, Canada, Mexico, New Zealand and Europe. The chain was acquired last year by Florida-based TBC Corp., a unit of Japanese trading giant Sumitomo.
Contact Wayne Heilman: 636-0234 Twitter @wayneheilman
Facebook Wayne Heilman