Town Fair Tire Centers, Inc. and Mavis Tire Express Services Corp. to Join Forces

East Haven, CT and Millwood, NY – November 19, 2020 – Town Fair Tire Centers, Inc. ("Town Fair"), a leading provider of brand name tires with locations in New England and the Northeast, and Mavis Tire Express Services Corp. ("Mavis"), a leading tire and service chain throughout New York, New Jersey and the Southeast, today announced that Town Fair and Mavis have entered into an agreement to combine. Following the close of this transaction, which is expected to occur by the end of November, Town Fair and Mavis will operate hundreds of locations in 21 states across New England, the Northeast and the South.

The combination of Town Fair and Mavis will unite two premier retail tire and service chains with a history of delivering the utmost customer satisfaction and the highest quality service. The Town Fair management team, led by Neil and Mike Mellen, will continue to manage all Town Fair locations as its own brand and model, and Mavis, led by David and Stephen Sorbaro and their management team will continue managing the Mavis brand and model. Town Fair will remain headquartered in East Haven, Connecticut, and Mavis will remain headquartered in Millwood, New York.

Mellen said, "Since their founding, Town Fair and Mavis have solidified their positions as leading tire dealers based on our deep commitment to providing complete customer satisfaction and delivering the highest quality service. Both companies share these values, which is why we are confident we are the right partners going forward."

"Together, Town Fair and Mavis will realize a combined scale that better positions each of us to meet industry challenges and thrive in an ever-changing and competitive landscape. We are excited to bring together the talented teams of both companies and look forward to continuing to provide best-in-class service to all of our customers," said David Sorbaro, Co-Chief Executive Officer of Mavis.

Financial terms of the transaction were not disclosed.

Covington & Burling LLP and Bullard Law Group PLLC provided legal advice to Mavis. Ropes & Gray LLP provided legal advice to Town Fair. Jefferies LLC served as financial advisor to Town Fair.

About Town Fair Tire Centers, Inc.

Town Fair Tire, Inc., based in East Haven, Connecticut, is the largest independent tire dealer in the Northeast. Neil Mellen opened the first Town Fair Tire in Fairfield, Connecticut in 1967. Today Town Fair Tire has 100 stores throughout New England, encompassing Connecticut, Massachusetts, Rhode Island, New Hampshire, Maine and Vermont. For more information, visit www.townfairtire.com.

About Mavis Tire Express Services Corp.

Mavis, based in Millwood, New York, is one of the largest independent tire and service providers in the United States, with service centers across 19 states, including New York, New Jersey, Pennsylvania, Alabama, Georgia and Florida. For more information, visit www.mavistire.com.

Contacts

Town Fair Tire Centers, Inc.
Mike Barbaro
Senior VP
mbarbaro@townfair.com

Mavis Tire Express Services Corp.
Pat Schulte
pschulte@mavistire.com