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.