Mahansaria Tyres Private Limited (MTPL) has reached an in-principle agreement to acquire a majority stake in US-based Tyres International Inc. (TI). This is the first step by MTPL in building its distribution network in North America.
Tyres International will distribute MTPL’s Ascenso brand of agricultural and construction tyres in the United States, whilst continuing to act as a distributor for Westlake commercial truck tyres and Sunrise commercial truck wheels. The Westlake brand of commercial truck tyres is manufactured by ZC Rubber, one of the world’s largest tyre manufacturers, with whom TI has enjoyed a long-standing relationship of more than 20 years.
Through this investment, the companies aim to continue the development of TI as a leading wholesale tyre distributor in the US.
Yogesh Mahansaria, founder of MTPL, said: “We have known Marty Bezbatchenko (Principal of TI) for more than 15 years and have highest regards for his deep knowledge and experience in the American tyre market. We are excited about the partnership with Marty and his son, Michael, who will continue to manage the business for us. We look forward to support TI’s development in the coming years.”
Marty Bezbatchenko said: “50 years after the foundation of TI, it is time to set the course for a foreseeable future. The combined offering of Westlake commercial truck tyres, Sunrise commercial truck wheels and Ascenso agriculture and construction tyres, supported by a strong and dedicated team opens up new opportunities in a highly competitive market.”
MTPL was advised by FOCUS Investment Banking, LLC (USA) and Percipient Capital Advisors (India) for this transaction.