Shearman & Sterling advised Tire Rack Holdings, Inc. (Tire Rack) and its stockholders in its acquisition by Discount Tire. The transaction closed on December 31, 2021.
The transaction will accelerate Discount Tire’s omnichannel strategy, provide a broader distribution network and provide a platform to enhance their B2B and fleet capabilities. Following the transaction, the combined entity will employ more than 25,000 employees.
Tire Rack was founded in 1979 by Peter and Wilma Veldman along with Mike Joines and remains a privately held, family-owned business. Tire Rack has grown into one of the most trusted and respected sources of information for online buyers of tires, wheels and accessories and is a leading independent tire tester and consumer-direct source for tires, wheels and performance accessories. Tire Rack is headquartered in South Bend, Indiana and will maintain those headquarters following the transaction.
The Shearman & Sterling team below included associates K.J. Salameh (New York- Compensation, Governance & ERISA) and Austin Grossfeld (New York-Intellectual Property Transactions).