Meeting the Increased Demand for Automotive Service
An Icahn Enterprises L.P. company, Icahn Automotive that operates and owns service provider Pep Boys, has recently completed the acquisition of Tecnicentros Mundial. Tecnicentros Mundial is a six-location automotive service chain in Puerto Rico. Its located in Caguas, San Juan Centro, Rio Piedras, Campo Rico, Dorado and Ponce will be converted to Pep-Boys branded service centers. Mundial’s employees at these locations will join the team of Pep Boys. By this acquisition, Icahn Automotive will be provided with a strong platform for additional growth in Puerto Rico and will enable it to meet the increased demand for automotive service from both individual and fleet customers.
Expanding Reach in Puerto Rico
The demand for do it for me (DIFM) service in Puerto Rico is increasing similar to the contiguous United States. This is mainly due to drivers keeping their cars longer, increased vehicle complexity, and growth in fleets. The number of Pep Boys locations on the islands will be increased to 33 by this acquisition, 30 of which will provide automobile service. An existing warehouse facility will also be acquired by the company.
“Tecnicentros Mundial is pleased to be joining with Pep Boys, a company with long and stable history Puerto Rico,” said Jacklin Tirado, Vice President, Tecnicentros Mundial. “Our late founder Efrain Tirado built Tecnicentros Mundial into a company with a strong reputation that has been a pillar of our local communities for over 30 years. We are pleased with Pep Boys commitment to our employees, customers and legacy,” he further added.
Multi-year Strategic Expansion Plan
Pep Boys employs more than 1000 people across locations on Puerto Rico for more than 25 years. It includes hundreds of skilled automotive technicians to serve customers in the region. This acquisition is part of a multi-year strategic expansion plan that has been added significantly to the Icahn Automotive Portfolio and expanded the Pep Boys footprint as overall market for automotive service continues to consolidate.