Investing.com — Mavis Tire Express Services Corp., an auto repair and tire service provider that owns the Midas and Tuffy brands, has selected banks for a US initial public offering, according to reporting from Bloomberg, citing people familiar with the matter.
The company is working with Bank of America Corp. (NYSE:BAC) and Goldman Sachs Group Inc. (NYSE:GS) on the IPO, which could take place as soon as this year, the people said. The share sale could raise approximately $2 billion, some of the people said.
Mavis, which was founded in 1949, is also working with Jefferies Financial Group Inc. (NYSE:JEF), JPMorgan Chase & Co. (NYSE:JPM) and Morgan Stanley (NYSE:MS) on the offering, the people said. The company held early discussions with advisers on the listing earlier this month, people familiar with the matter have said.
An investor group led by BayPine LP and in partnership with TSG and a company controlled by members of the founding Sorbaro family acquired Mavis in 2021 from Golden Gate Capital, which retained a minority stake. Neuberger Berman’s Alternatives led the acquisition of a stake in 2023.
Deliberations are ongoing and details could change, the people said.
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