BayPine-led Group’s Acquisition of Mavis Tire Express Services

Kirkland & Ellis and Ropes & Gray advised an investor group led by BayPine LP in the transaction. Covington & Burling LLP advised Mavis on the deal. Shearman & Sterling advised Jefferies Finance on the acquisition financing.

An investor group led by BayPine LP, in partnership with TSG Consumer Partners LP and existing significant equity-holder West First Management, executed the acquisition of Mavis Tire Express Services Corp., one of the largest independent automotive service platforms in the United States. Golden Gate Capital, Mavis’ current lead financial partner, will retain a minority interest in the Company. Terms of the transaction were not disclosed. The transaction is expected to close in the second quarter of 2021.

The $2.15 billion acquisition financing, to finance a portion of the purchase price for the acquisition of Mavis Tire, consisted of $1.915 billion first-lien term loan facility and $200 million revolving credit facility.

Jefferies acted as sole financial advisor to Mavis. Covington & Burling LLP and Ropes & Gray LLP each served as legal advisor to Mavis, and to the Sorbaro family and Golden Gate Capital, respectively.

Mavis Tire Express Services, based in Millwood, New York, is one of the largest independent tire and service providers in the United States, with more than 1,100 service centers across 27 states.

BayPine is a private investment firm that seeks to create lasting value for the firm’s investors, portfolio companies and communities in which they operate by driving innovation, digital transformation and sustainable growth in market-leading businesses across traditional sectors of the economy.

Since its founding in 1987, TSG Consumer Partners LP is a leading private equity firm that partners with founders and management teams to build and accelerate growth for best-in-class consumer-facing businesses.

Golden Gate Capital is a San Francisco-based private equity investment firm with over $17 billion of committed capital.

The Kirkland team was led by corporate partners Ravi Agarwal (Picture), Lauren Colasacco, Peter Martelli and Lukas Richards, debt finance partner Nicholas Schwartz, and capital markets partner Ross Leff.

The Ropes & Gray team advising Mavis and Golden Gate Capital included private equity partner Eric Issadore, tax partner Ben Rogers (both of San Francisco) and finance partner Michael Lee (Boston).

The Covington team included Stephen Infante, Allison Schiffman, Kevin Silk, and Samantha Kobbe (corporate), Peter Schwartz and Jennifer Uren (debt finance), Kevin Zaragoza and Jon Endean (tax), Jenna Wallace and Christopher Lowther (employee benefits), Marie Lavalleye and Rebecca Dalton (intellectual property), Elizabeth Canter and James Yoon (privacy), and Thomas Brugato and Lindsay Brewer (environmental).

The Shearman & Sterling team Alan Rockwell, Michael Chernick, Frank Oliver, Magnus Wieslander, Jason Lehner, Gordon Houseman, Stephen Mcnamara, Cody L. Wright, Olivier Souleres, supported by Gina Eum and Katie Rumer.

Involved fees earner: Lindsay Brewer – Covington & Burling LLP; Thomas Brugato – Covington & Burling LLP; Elizabeth Canter – Covington & Burling LLP; Rebecca Dalton – Covington & Burling LLP; Jon Endean – Covington & Burling LLP; Stephen Infante – Covington & Burling LLP; Samantha Kobbe – Covington & Burling LLP; Marie Lavalleye – Covington & Burling LLP; Christopher Lowther – Covington & Burling LLP; Allison Schiffman – Covington & Burling LLP; Peter Schwartz – Covington & Burling LLP; Kevin Silk – Covington & Burling LLP; Jennifer Uren – Covington & Burling LLP; Jenna Wallace – Covington & Burling LLP; James Yoon – Covington & Burling LLP; Kevin Zaragoza – Covington & Burling LLP; Ravi Agarwal – Kirkland & Ellis; Lauren Colasacco – Kirkland & Ellis; Ross Leff – Kirkland & Ellis; Peter Martelli – Kirkland & Ellis; Lukas Richards – Kirkland & Ellis; Nicholas Schwartz – Kirkland & Ellis; Eric Issadore – Ropes & Gray; Michael Lee – Ropes & Gray; Benjamin Rogers – Ropes & Gray; Michael Chernick – Shearman & Sterling; Gordon Houseman – Shearman & Sterling; Jason Lehner – Shearman & Sterling; Stephen McNamara – Shearman & Sterling; Frank Oliver – Shearman & Sterling; Alan Rockwell – Shearman & Sterling; Olivier Souleres – Shearman & Sterling; Magnus Wieslander – Shearman & Sterling; Cody Wright – Shearman & Sterling;

Law Firms: Covington & Burling LLP; Kirkland & Ellis; Ropes & Gray; Shearman & Sterling;

Clients: BayPine; Golden Gate Capital; Jefferies; Mavis Discount Tire;

Author: Martina Bellini