EUGENE, Ore. -- After almost 70 years as a family-owned company, Les Schwab Tires confirmed Tuesday that the company board and shareholders are looking to sell the business.
“Our incredible Tire Centers, and the company and communities we have built together, make us proud,” Les’ family said in a statement. “As hard as it is to make the decision to sell this company, we are confident it will offer tremendous opportunity to build on all we have accomplished together for our customers, communities and our employees. We are excited to see what the future will bring.”
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.
Founded in Bend, Oregon by the eponymous Les, Les Schwab Tires opened its first location in 1952 and has since expanded to multiple states and hundreds of locations. Les passed away in 2007 after more than 50 years at the head of the company.
"His vision remains at the core of the company’s culture: give people more for their money, reward employees for their expertise and hard work, earn people’s trust and everyone benefits," the company said. "Today, the 7,000+ employees of Les Schwab Tire Centers are proud to carry on this legacy."