Lion Equity Acquires Myers Tire Supply From Myers Industries

Myers Industries Inc., a manufacturer of “Products that Protect,” announced it has entered into and completed an agreement to sell its Myers Tire Supply (MTS) North America business to Lion Equity Partners, a Denver-based private equity firm specializing in corporate divestitures. Under the terms of the agreement, Myers will receive $30 million, subject to certain customary post-closing adjustments for cash, indebtedness, net working capital, and transaction expenses. The definitive transaction agreement will be filed with the Securities and Exchange Commission as an exhibit to the Company’s Current Report on Form 8-K.

The sale advances Myers’ Focused Transformation into a manufacturer of engineered resin and composite products serving critical infrastructure, industrial, consumer, food and beverage, and vehicle end markets, the company said. The transaction strengthens Myers’ balance sheet and enables the company to concentrate resources on its core businesses and growth platforms.

Myers Industries president and CEO Aaron Schapper commented, “The completion of this transaction is a defining step in our ongoing transformation. By sharpening our focus on our core specialty engineered products, we are better positioned to drive long-term growth and create value for our shareholders.

“We also want to recognize the important role Myers Tire Supply has played throughout our history. We are grateful for the dedication of the MTS team and the trusted relationships they have built with customers and the rest of the Myers team over many decades. We believe the business is well positioned for its next phase of growth under Lion Equity Partners’ ownership.”

“Myers Tire Supply has built a highly trusted brand through decades of exceptional service and commitment to its customers,” said Jim Levitas, managing partner at Lion Equity. “We are excited to partner with the team to carry this legacy forward and support the company in its next chapter of growth.”

KeyBanc served as exclusive financial adviser and Vorys, Sater, Seymour and Pease, LLP, served as exclusive legal adviser in the sale of Myers Tire Supply.

About Myers Tire Supply

Founded in 1933, Myers Tire Supply is a distributor of tools, equipment and supplies for the tire, wheel and under-vehicle service industry, serving tire dealers, automotive service centers, commercial fleets, retreaders and other transportation-related customers throughout North America. MTS employs 233 people nationwide. Of these, approximately 77 are based at the company’s headquarters in Akron, Ohio, with the remainder located across the country in remote sales roles and across four distribution centers.