Overview
- Icahn Enterprises agreed to sell Pep Boys’ operating business to Mavis for $700 million in cash, a deal that was announced on July 21 and confirmed by both companies.
- Under the terms reported by the sellers, Icahn will keep Pep Boys’ owned real estate and will retain the AAMCO Transmissions and Precision Tune Auto Care businesses.
- Mavis says the acquisition will grow its combined network to more than 4,400 service locations and strengthen its supply chain and distribution footprint, especially in western U.S. markets where Pep Boys is strong.
- Pep Boys traces back more than 100 years and was bought by Carl Icahn in 2016 for about $1 billion; under his ownership the chain shifted toward repairs and tire sales while some related holdings struggled.
- The companies have not disclosed whether the Pep Boys brand or specific offices will be kept, the deal is expected to close in the coming months, and customers and employees could see changes in store operations and service networks.