Les Schwab Tire Centers, one of the leading independent tire dealers with stores across the Western U.S., will be put up for sale.
The company is managed by a board of directors consisting of members of the Schwab family. The Schwab family shareholders said the following in a joint statement published by KTVZ: “As hard as it is to make the decision to sell this company, we are confident it will offer tremendous opportunity to build on all we have accomplished together for our customers, communities and our employees. We are excited to see what the future will bring.”
The sale process is expected to take several months, according to the board’s statement. An initial report of the potential sale from Bloomberg estimated that an outright sale could bring in at least $3 billion.
Les Schwab owns 492 stores in 10 states, with more than 7,000 employees and $1.8 billion annual revenue. The tire dealer is known for its customer service. Earlier this year, Les Schwab Tire Center was ranked No. 1 for tire retailer satisfaction by Consumer Reports. This ranking included high marks for their sales staff, free perks, installation quality, waiting area, and easy checkout.
In 2006, before founder Les Schwab died, the Oregonian reported that Schwab had previously met with Kohlberg Kravis Roberts & Co. and Francois Michelin about potential buyouts, but declined to sell his company.