Myers Industries Inc. has acquired the assets of Tuffy Manufacturing Industries Inc., a warehouse distributor of tire repair equipment and supplies.
Based in Akron, Tuffy provides automotive and heavy-duty truck service-related parts, tools and accessories to tire dealers, retreaders and the trucking industry to customers located across North America.
Tuffy will operate as part of Myers Tire Supply and Tuffy’s President and Owner Steve Zimmerman will continue to lead the company. Tuffy’s sales for the trailing 12 months ended June 30, 2019 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 Myers President and CEO Dave Banyard. “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.”