Pep Boys’ Icahn Acquires Puerto Rico’s Tecnicentros Mundial
SAN JUAN – Icahn Automotive, an Icahn Enterprises L.P. company, which owns and operates leading automotive aftermarket chain Pep Boys, has acquired Puerto Rico’s Tecnicentros Mundial, a six-location automotive service chain.
The Tecnicentros locations in Caguas, San Juan, Río Piedras, Campo Rico, Dorado and Ponce will be converted to Pep Boys branded service centers, and employees at those locations will join the Pep Boys team, according to a release issued Tuesday.
The acquisition will increase the number of Pep Boys locations on the island to 33, of which 30 locations will provide automotive service. No other terms were disclosed in the written announcement. The company will also acquire an existing warehouse facility.
“The acquisition of Tecnicentros Mundial provides us with a strong platform for additional growth in Puerto Rico and will enable us to meet the increased demand for automotive service from both individual and fleet customers,” said Brian Kaner, CEO-Service. “We welcome the Tecnicentros Mundial team to the Pep Boys family, and we are committed to continuing to help the island recover.”
“Similar to the contiguous United States, the demand for do it for me (DIFM) service in Puerto Rico is due to drivers keeping their cars longer, increased vehicle complexity, and growth in fleets,” the release reads.
“Tecnicentros Mundial is pleased to be joining Pep Boys, a company with a long and stable history in Puerto Rico,” added Tecnicentros VP Jacklin Tirado. “Our late founder, Efraín Tirado, built Tecnicentros Mundial into a company with a strong reputation that has been a pillar of our local communities for more than 30 years, and we are pleased with Pep Boys commitment to our employees, customers, and legacy.”
Pep Boys has had locations on the island for more than 25 years and employs more than 1,000 people.
“The acquisition is part of a multi-year strategic expansion plan that has added significantly to the Icahn Automotive portfolio and expanded the Pep Boys footprint as the overall market for automotive service continues to consolidate,” the company said.
Pep Boys provides tires; automotive maintenance and repair; parts and advice; commercial auto parts delivery; and fleet maintenance and repair. It operates more than 9,000 service bays in approximately 1,000 locations in 35 states and Puerto Rico.