American Tire Distributors

Last updated
American Tire Distributors
FormerlyJ.H. Heafner Co.
Heafner Tire
Founded1935
FounderJ.H. Heafner
Headquarters Huntersville, North Carolina
Area served
United States and Canada
Key people
Stuart Schuette (CEO)
RevenueUS$5B [1]  (2015)
Number of employees
4,800 (2015)

American Tire Distributors (ATD) is an American distributor and retailer of automotive parts and supplies, including tires and wheels. The company has locations across the United States and Canada.

History

J.H. Heafner Co. was founded in Lincolnton, North Carolina, in 1935. [2] The company acquired Winston Tire Company in 1997, and moved ATD's headquarters from Lincolnton to Charlotte in 1998. [3] Heafner Tire sold Winston Tire Company to Performance Management, Inc. in 2001. [4] In 2000, Heafner Group acquired American Tire Distributors. [5] Heafner Tire changed its name to American Tire Distributors (ATD) in 2002. [6]

American Tire Distributors was acquired by TPG Capital in 2010. [7]

In 2018, Goodyear Tire and Rubber Company announced that it would no longer use American Tire Distributors to distribute its products. The announcement caused the value of ATD shares to plummet. [8] Bridgestone ended its partnership with ATD soon after Goodyear's announcement, leaving the company without two of its largest manufacturers. [9]

ATD filed for Chapter 11 bankruptcy protection in October 2018, seeking to cut $1.1 billion of the company's debt. [10] ATD received assistance refinancing from investors, including Wells Fargo. [11] The company emerged from bankruptcy in December 2018. [12]

The company struggled to recover in the wake of filing bankruptcy due to the loss of its relationship with several major tire manufacturers. [13] American Tire Distributors had an annual revenue of $5 billion in 2019. [14] In February 2021, Goldman Sachs led talks on a $1 billion junk bond deal to refinance ATD, which had not recovered from the loss of major manufacturing partners. [15]

As of 2021, Forbes lists the company as the 81st largest privately owned company in the United States. [16]

In 2022, American Tire Distributors sold their Canadian operations (National Tire Distributors) to Groupe Touchette. [17]

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References

  1. ↑ "American Tire Distributors Holdings". Forbes .
  2. ↑ "Inside the tire distributor that nearly cracked the Fortune 500". Charlotte Observer . July 17, 2015.
  3. ↑ Harris, David (May 4, 1998). "Heafner HQ will relocate to Charlotte". www.bizjournals.com. Retrieved 2021-08-14.
  4. ↑ "Heafner Tire Group selling Winston Tire unit". Tire Business. 2012-09-09. Retrieved 2021-08-19.
  5. ↑ "Heafner Group buying American Tire Distributors". Tire Business. 2012-09-09. Retrieved 2021-08-14.
  6. ↑ "Heafner Tire changing name". www.bizjournals.com. April 17, 2002. Retrieved 2021-08-14.
  7. ↑ "American Tire Distributors Holdings Announces Acquisition By Affiliates of TPG Capital". www.bloomberg.com. April 21, 2010. Archived from the original on 2013-10-24. Retrieved 2021-08-14.
  8. ↑ "American Tire Distributors struggles to repair investor confidence after Goodyear defection". Crain's Cleveland Business. 2018-05-17. Retrieved 2021-08-14.
  9. ↑ "American Tire Says It Can Grow Without Goodyear and Bridgestone". Bloomberg.com. 13 July 2018. Retrieved 2021-08-19.
  10. ↑ Biswas, Soma (2018-10-04). "American Tire Distributors Files for Chapter 11 Bankruptcy Protection". Wall Street Journal. ISSN   0099-9660 . Retrieved 2021-08-19.
  11. ↑ "Huntersville-based American Tire Distributors files for bankruptcy". www.bizjournals.com. Retrieved 2021-08-19.
  12. ↑ Elkins, Ken (December 31, 2018). "It's already a new year for Huntersville's American Tire Distributors". www.bizjournals.com. Retrieved 2021-08-19.
  13. ↑ "DISTRESSED DAILY: American Tire Falls Flat as Costs Keep Rising". news.bloomberglaw.com. Retrieved 2021-08-19.
  14. ↑ Staff, ByMerrilee BartonForbes. "American Tire Distributors Holdings". Forbes. Archived from the original on February 12, 2013. Retrieved 2021-08-14.
  15. ↑ Doherty, Katherine; Seligson, Paula; Gurumurthy, Gowri (February 8, 2021). "American Tire to Eye $1 Billion Refinancing Post Bankruptcy". Bloomberg.com. Retrieved 2021-08-19.
  16. ↑ "America's Largest Private Companies". Forbes. Retrieved 2021-08-14.
  17. ↑ https://www.bnnbloomberg.ca/groupe-touchette-to-acquire-canadian-unit-of-us-tire-distributor-1.1791457
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