Les Schwab has sold to Meritage Group LP, a San Francisco, California-based investment firm. The sale was announced by Les Schwab Tuesday, Sept. 29.
Meritage’s investment strategy began in 1997, according to its wesbite, and Meritage Group LP currently manages investments, both directly and through external managers, in public and private equity, credit and real estate.
Les Schwab was founded in Prineville in 1952.
“The decision to sell has always been about securing the long-term success of the company,” Les Schwab CEO Jack Cuniff related in a statement, adding, “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.”
Lakeview Les Schwab Assistant Manager Jake Pfyl said the change in ownership will not change the store’s operations and that customers’ accounts and credits will remain the same.
The sale will not be final until the end of 2020, Pfyl added. The purchase price has not been disclosed.
Les Schwab announced in December 2019 that it was looking for a buyer for its company and had hired Goldman Sachs to find a buyer. A statement from the Schwab family shareholders at that time explained, in part, “Given the complexities of a fifth-generation family business, and managing a company of our size, we are at an important point in the life of Les Schwab Tire Centers. As our family grows and ages, it is increasingly critical to us that ownership remain committed and aligned behind our Grandfather’s vision.”
A Les Schwab family statement released when the sale was announced noted, “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.”