Editor's note: Video is from 2015
PORTLAND, Ore. -- Les Schwab Tires on Tuesday announced an agreement to sell the family-owned, Oregon-based company to California investment firm Meritage Group.
“The decision to sell has always been about securing the long-term success of the company,” CEO Jack Cuniff said. “Meritage Group has a history of preserving culture and values while growing its companies with investment over time. This is a great fit and aligns well with Les’ vision and all we have built together.”
Meritage Group is based in San Francisco and according to the company’s website, “is an investment adviser registered with the U.S. Securities and Exchange Commission (the ‘SEC’) with assets under management in excess of $10B as of December 31, 2019.”
Les Schwab Tires announced last year that the company was looking for new ownership and that the process was expected to take months.
The move marks a big change for the tire empire as ownership has stayed within the family of founder Les Schwab, who died in 2007, through its decades of success. The company started up in Prineville in 1952 and has grown to more than 500 stores across 10 states, and employs more than 7,000 people. Its corporate headquarters are now in Bend.
In a statement, the family of Les Schwab said it is confident the Meritage Group will carry on the legacy of the tire company founder.
“We are thrilled with this outcome. The Company’s long-term outlook, the opportunities for employees, and the tremendous importance of our customers will remain as Grandpa always imagined,” the family said.