Meritage Group Buys Out the Les Schwab Brand
Les Schwab’s Board and Shareholders announced in a statement on September 29th, 2020 that they are selling their 468 stores, located across the western states of the USA, to investment firm, The Meritage Group.
A Transition Nine Months in the Making
The move was expected as, nine months prior, the had company expressed a desire to find a buyer, whilst also shedding light on the difficulties of the multi-generational firm having to compete with other companies based on their dealership size and position within the market. The company, counting 68 years of business and five generations of the family working for the organisation had their CEO, Jack Cuniff explain: “The decision to sell has always been about securing the long-term success of the company. The Meritage Group has a history of preserving culture and values while growing its companies with investment over time. This is a great fit and aligns well with Les’ vision and all we have built together.”
With Meritage having over 20 years of experience and various companies within their portfolio, an additional family statement expressed optimism that the Meritage Group will continue to bring the Schwab vision to future generations; “We are thrilled with this outcome. The Company’s long-term outlook, the opportunities for employees, and the tremendous importance of our customers will remain as Grandpa always imagined. Award-winning customer service defines Les Schwab. You can count on us to be there, working to get you quickly and safely back on the road.”
With the sale delayed by the pandemic, Aubrey Barth, Managing Director of Meritage mentioned that she saw a solid fit for the company, based on the employees working over the 468 stores and the financial security the Schwab family worked hard to maintain.