ONCAP sees 53 pct return on sale of Mavis Discount Tire
ONCAP, the mid-market investment arm of Canadian private equity firm Onex Corp, has wrapped up its sale of Mavis Discount Tire, a Millwood, New York-based tire retailer and wholesaler. ONCAP, which acquired the company in 2014, earlier this year agreed to merge it with Express Oil Change & Tire Engineers, which is backed by Golden Gate Capital. ONCAP said it earned US$519 million in proceeds from a US$150 million investment in Mavis, resulting in a gross multiple of 3.8x in Canadian dollars (3.5x in U.S. dollars) and a 53 percent gross rate of return in Canadian dollars (48 percent in U.S. dollars).
29 March 2018•2 mins read
