Gores Group Buys Pep Boys Auto Supply Stores

DETROIT (WWJ) – A new acquisition for Gores Group based in Los Angeles.

The Pep Boys chain of auto supply stores is being sold to the private equity group headed by the brother of Detroit Pistons owner Tom Gores.

Pep Boys has agreed to be taken over by the Gores Group for $15 per share, or about $791 million. Gores Group is run by Alec Gores.

It’s based in Los Angeles, same as Platinum Equity, the firm headed by Tom Gores.

Pep Boys, headquartered in Philadelphia, has more than 700 locations in 35 states and Puerto Rico.

Comments

Leave a Reply

Fill in your details below or click an icon to log in:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Detroit

Best 4th Of July Concerts In Metro DetroitStaying home this weekend? Celebrate the 4th of July by rocking out at one of these shows.
Hump Day Drinks: 8 Cheery Cocktail RecipesNow that you've made it through half the work week, it's time to celebrate!

Watch & Listen