EUGENE, Ore. — Officials at Oregon-based Les Schwab Tires confirmed Tuesday they have agreed to sell the company to Meritage Group, a family-owned investment firm.
The owners of the company, which is based in Bend, announced plans to sell in December 2019.
"The decision to sell has always been about securing the long-term success of the company," said CEO Jack Cuniff.
Cuniff said Meritage Group has a history of preserving culture and values while growing a company over time.
"This is a great fit, and aligns well with Les' vision and all we have built together," he added.
Managing Director Aubrey Barth with Meritage said Les Schwab is an ideal investment for them. They also own Columbia Distributing, which is based in Portland.
"The company's exceptional employees and programs, strong financials, and respected, customer-focused brand set it up for success for years to come," Barth said.
The sale is expected to be completed by the end of 2020.
Last December, news of the sale was first reported by Bloomberg who said the company could be sold for as much as $3 billion.
The last time Les Schwab considered a sale was in 2006, to suitors including KKR & Co. and French tire magnate Francois Michelin, the Oregonian reported in 2006.
Les Schwab opened its first location in 1952 and has since expanded to multiple states and hundreds of locations.