Les Schwab chain sold to California investors
October 7, 2020
Les Schwab Tire Centers announced last week it is being purchased by an investment firm based in California.
The tire company said Sept. 29 that an agreement has been made to sell Les Schwab to family-owned investment firm Meritage Group.
The company, owned by the Schwab family, announced last December that it was seeking new ownership. It was founded by Les Schwab in 1952, starting with a store in Prineville.
“The decision to sell has always been about securing the long-term success of the company,” CEO Jack Cuniff said. “Meritage Group has a history of preserving culture and values while growing its companies with investment over time. This is a great fit and aligns well with Les’ vision and all we have built together.”
A Les Schwab family statement expressed confidence in Meritage Group to carry forward the Les Schwab vision far into the future.
“We are thrilled with this outcome. The Company’s long-term outlook, the opportunities for employees, and the tremendous importance of our customers will remain as Grandpa always imagined,” the family said. “Award-winning customer service defines Les Schwab. You can count on us to be there, working to get you quickly and safely back on the road.”