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Monro buys Broad-Elm in Buffalo

Monro Muffler Brake Inc. has inked a deal to purchase Buffalo’s Broad-Elm Tire & Service Centers. Financial details of the deal, which is expected to close this weekend, were not disclosed.
John Van Heel, Monro executive vice president and chief administrative officer, said the seven privately owned stores post roughly $4.5 million in sales annually. The stores will open under Monro ownership Jan. 28 and will be rebranded as Mr. Tire stores within six months, he said. They will be the first Mr. Tire stores in the state.
“Broad-Elm has built a solid business,” Van Heel told the Rochester Business Journal in an interview today. “They’ve served their customers well and have a good reputation. Those are the kinds of companies we look to add to our company.”
Monro plans to keep Broad-Elm’s store owners and employees on board, he added.
“We do intend to invest in the stores, in equipment, inventory and signage,” he said. “And we’ll make a broader selection of tire inventory available to their customers than they’ve had in the past.
“The idea there is to take the good business that they built and grow it into the future.”
Van Heel did not comment on whether Monro has plans to open Mr. Tire stores in the Rochester area, but noted the company looks to add stores through acquisitions in its existing markets.
“Adding stores within our footprint helps us be more convenient to customers and is also the most efficient in terms of our operations,” he said.
The Broad-Elm deal will be financed through Monro’s existing credit facility, Van Heel said.
Monro, which operates 713 stores in 17 states, is slated to report third-quarter earnings Thursday. Shares of company stock (Nasdaq: MNRO) were trading up 20 cents at $17.20 mid-afternoon.

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