Penfund commits $39.9 mln to ONCAP's investment in Mavis Discount Tire

Penfund, a Canadian mid-market private equity firm specializing in providing junior capital, has made a US$39.9 million debt and equity investment in Mavis Discount Tire, a U.S.-based independent tire retailer. Penfund provided the funds in support of an undisclosed investment in the company by ONCAP, the mid-market private equity platform of Onex Corp. Based in Millwood, New York, Mavis operates over 150 retail locations in New York and several other states. It also operates two wholesale distribution centres which support its retail business.

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