AKRON, Ohio–(BUSINESS WIRE)–Myers Industries, Inc. (NYSE: MYE) today announced that it has acquired the assets of Mohawk Rubber Sales of New England Inc., which was financed with its revolving credit facility. Mohawk Rubber Sales is a leading auto aftermarket distributor with a long standing reputation for quality and service. This value-creating acquisition is another proof point in the Company’s successful execution of its 3-horizon strategy.
“We are extremely pleased to announce the addition of Mohawk Rubber Sales to the Myers’ family. Mohawk and its team bring complementary geographic coverage, additional sales and customer service capability, and meaningful scale to our Distribution Segment,” said Mike McGaugh, President and CEO of Myers Industries. “Mohawk’s business model is similar to our own, and this transaction is another example of our team’s ability to find accretive opportunities to expand and grow our businesses – accelerating our progress against Horizon 1 of our 3-horizon strategy.”
Paul Johnson, Vice President of Myers’ Distribution Segment, added, “I am excited to join forces with Mohawk Rubber. The company has a large and very experienced sales team and a complementary distribution network that, combined with Myers’ Distribution, will bring even better service solutions, support and value to our customers. Together with Mohawk, Myers’ Distribution will have the largest, most experienced field and customer service teams in the tire supplies and repair industry. We believe we’ll be in an even better position to help our customers, large and small, win in their markets, every day.”
Brian McGeoghegan, Owner of Mohawk Rubber Sales, said, “My team and I are thrilled to be joining the Myers family and believe Myers’ culture and values align directly with our own. We’ve long admired Myers Tire Supply and its leading position in the tire repair and retread market and believe that Mike and his senior leadership team have repositioned the business for long-term success. We bring complementary assets and services, which will help both of our businesses achieve scale and efficiencies. Our collective focus on strong service and innovative products will create the best solutions in the market today and deliver enhanced value for our customers.”
Founded in 1932, Mohawk Rubber Sales has grown into one of the country’s leading providers of tire repair distribution across traditional and online channels. The Company is headquartered in Hingham, MA and has four strategically located distribution centers across the United States located in Hingham, MA, Alpharetta, GA, Salt Lake City, UT, and Houston, TX. In 2021, Mohawk’s revenues were approximately $65 million.
Mohawk will be integrated into the Myers’ Distribution segment. The transaction provides both growth and cost synergy opportunities and is expected to be accretive to earnings in 2023.