(Provides BayPine partnering with TSG Shopper Associates)
By Greg Roumeliotis and Joshua Franklin
March 2 (Reuters) – BayPine LP is in the guide to receive Mavis Tire Categorical Companies Corp for more than $6 billion, such as personal debt, in what would be the personal fairness firm’s largest deal since its inception previous yr, people today familiar with the make any difference said on Tuesday.
BayPine, which was shaped by Silver Lake Associates co-founder David Roux and former Blackstone Group Inc executive Anjan Mukherjee, has submitted the highest bid in the auction for the U.S. vehicle provider chain operator, the resources reported. It is partnering with buyout agency TSG Purchaser Partners LP on its give, the resources explained.
The deal would stand for a wager that Mavis is set to bounce again from the financial fallout of the COVID-19 pandemic, which weighed on its income as buyer traffic declined.
Golden Gate Capital, the non-public equity business that retains a bulk stake in Mavis, is continue to negotiating the remaining terms of a deal with BayPine, and it is feasible that the consequence could modify, the sources said.
The sources asked for anonymity for the reason that the make any difference is private. Golden Gate declined to comment, even though Mavis and BayPine did not quickly respond to requests for comment.
Mavis is the mum or dad of two retail chains, Mavis Price cut Tire Inc and Express Oil Modify & Tire Engineers. They deliver tire, oil alter, and mechanical solutions at far more than 1,100 service centers throughout 27 states, in accordance to Golden Gate’s web page.
Golden Gate invested in Specific Oil Alter & Tire Engineers in 2017 and then obtained and merged it with Mavis Discount Tire the subsequent yr.
Headquartered in Boston, BayPine started off increasing its very first buyout fund previous yr. (Reporting by Greg Roumeliotis in New York and Joshua Franklin in New York Modifying by Tom Hogue)
