Les Schwab Tire Centers is up for sale again, and the investment firm that owns the Bend-based company is seeking $7 billion for it, according to a new report from Reuters.
A California investment firm called Meritage Group bought Schwab Tire from Les Schwab’s descendants four years ago. Terms were not disclosed.
Meritage retained its headquarters in Bend but expanded the number of Schwab Tire stores by about 10% to 541. The company employs about 7,000 people in 13 western states.
Citing anonymous sources familiar with the talks, Reuters said Meritage had hired Goldman Sachs to market Schwab Tire to other investment firms and larger tire chains.
Schwab Tire is one of Oregon’s most valuable and well-known companies, long known for founder Les Schwab’s folksy television commercials and attentive customer service. Schwab founded the company in Prineville in 1952, and the company’s main distribution center is still located in this small central Oregon town.
When the Schwab family sold their company four years ago, they said Meritage was committed to preserving the values and culture created by Les Schwab. The family had said any sale was conditioned on the company staying together and maintaining its Bend headquarters and Prineville office.
Schwab Tire did not immediately respond to a request Friday asking whether it would impose the same terms on a new buyer.
— Mike Rogoway covers technology and Oregon’s economy. Reach him at [email protected].
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