ST. LOUIS & BOSTON -- Audax Private Equity (“Audax”), a growth-oriented capital partner to middle market companies, announced today an investment in Dobbs Tire & Auto Centers, Inc. (“Dobbs”), a leading tire retailer and automotive aftermarket service company with a strong presence in the Midwestern United States.
St. Louis, MO-based Dobbs was founded in 1976 and has grown to employ more than 650 associates at 43 stores across Missouri and Illinois. In addition to its comprehensive tire offerings, Dobbs provides a full range of automotive services specializing in routine, preventative, and complex diagnostic repairs for all types of vehicles including cars, light trucks, SUVs, hybrids, and EVs.
“Given our history in auto aftermarket and consumer services, we have been pursuing a thesis in the auto services segment for some time,” noted Jason Ellis, a Managing Director at Audax. “Dobbs stood out as an attractive platform due to several factors, not the least of which include the quality of its operations, strong customer loyalty and employees.”
“We’re excited to partner with Audax,” added Dobbs CEO Dustin Dobbs. “Our company has reached its most significant crossroad since my grandfather, Don Dobbs, Jr., founded the company 48 years and 43 stores ago. How excited he would be to see us join forces with Audax, which shares our vision for the company's future, and has the resources, knowledge, and operational experience to help us realize our tremendous potential. We look forward to accelerating our growth and serving more communities around the country, while delivering our nearly 50-year promise to sell high quality tire brands and expert automotive services at competitive prices.”
“The thesis behind our investment in Dobbs is to invest behind the company’s ongoing organic growth and complement that through both greenfield expansion and M&A in adjacent and new regions,” noted Jay Mitchell, a Partner at Audax. “Dobbs represents a tremendous start on our Buy & Build strategy, and we’re excited to partner with Dustin and the entire team to capitalize on the opportunity.”
Audax is investing out of its latest flagship fund, Audax Private Equity Fund VII, which closed on $5.25 billion in July of this year.
Capstone Partners acted as financial advisor to Dobbs on the transaction, while Stifel acted as financial advisor to Audax. Golub Capital and Stifel served as financing partners in support of the Audax investment. Nelson Mullins served as legal counsel to Dobbs, while Gibson, Dunn & Crutcher and Goulston & Storrs served in the same capacity to Audax. Terms of the deal were not disclosed.
ABOUT DOBBS TIRE & AUTO CENTERS
Dobbs Tire and Auto Centers (“Dobbs”) (gotodobbs.com), headquartered in St. Louis, Missouri, is a family-founded and run tire retailer and auto-aftermarket service provider with over 40 stores in the Missouri and Illinois. Since inception in 1976, the business has differentiated itself as a “one-stop-shop” for tires and services with a loyal customer base offering a variety of name-brand tires and a diverse range of service offerings with market leading customer service.
ABOUT AUDAX PRIVATE EQUITY
Based in Boston and San Francisco, Audax Private Equity is a leading middle market, growth-oriented investment firm with approximately $19 billion of assets under management, over 210 employees, and 100-plus investment professionals. Since its founding in 1999, the firm has invested in more than 165 platforms and 1,200 add-on acquisitions. Through our disciplined Buy & Build approach, across six core industry verticals, Audax helps portfolio companies execute organic and inorganic growth initiatives that fuel revenue expansion, optimize operations, and significantly increase equity value. For more information, visit audaxprivateequity.com or follow us on LinkedIn.