Myers Industries has acquired the assets of Tuffy Manufacturing Industries, a warehouse distributor of tire repair equipment and supplies.
Founded in 1964 in Akron, Ohio, Tuffy provides automotive and heavy-duty truck service-related parts, tools and accessories to tire dealers, retreaders and the trucking industry. Tuffy will operate as part of Myers Tire Supply and Steve Zimmerman will continue to lead Tuffy. Tuffy’s sales for the trailing twelve months ended June 30 were approximately $20 million. Tuffy is expected to be accretive to earnings in 2020.
“The acquisition of Tuffy aligns with our strategy to grow in key niche markets and focus on strategic account customers,” said Dave Banyard, president and CEO of Myers Industries. “In line with our transformation plan, this acquisition further positions our distribution segment as a leader in the growing commercial auto and truck fleet market and is expected to immediately have a positive impact on the segment’s EBITDA margin. At a mid-single-digit purchase price multiple, this transaction is a great example of how we intend to deploy our capital for acquisitions and create both near-term and long-term value for our shareholders.”