Icahn Enterprises L.P. Acquires American Driveline Systems, Franchisor of AAMCO and Cottman Service Centers
October 02 2017 - 1:24PM
Business Wire
Icahn Automotive Grows to 1,900 Service
Locations
Icahn Enterprises L.P. (NASDAQ: IEP) announced today that it has
acquired American Driveline Systems (ADS) from Transom Capital
Group through a wholly-owned subsidiary. ADS is the franchisor of
AAMCO and Cottman Transmission & Total Auto Care service
centers, with approximately 680 locations in the U.S. and Canada.
With the addition of ADS, Icahn Automotive operates approximately
1,900 owned and franchised service locations in 49 states plus
Puerto Rico, the District of Columbia, and several other
international locations.
“The acquisition of American Driveline Systems is the next step
in building out our national automotive service network,” said Carl
C. Icahn, Chairman of IEP. “I believe that the automotive
aftermarket service industry is undergoing secular change driven by
increased vehicle complexity, advances in technology, as well as
the growth of automotive fleets, including ride-sharing and
car-sharing networks. These changes will continue to offer, in my
opinion, extremely attractive and unique investment opportunities.
With our presence throughout the automotive aftermarket value
chain, Icahn Enterprises is positioned to capitalize on these
trends.”
“Icahn Automotive Group continues to pursue an aggressive
strategy of strengthening our full-service automotive repair
capabilities, with the ability to leverage a broad national
footprint and what we believe will be the most efficient operating
model in the industry,” said Daniel A. Ninivaggi, CEO of Icahn
Automotive Group LLC. “We are excited to work with the ADS
management team as well as the AAMCO and Cottman franchisees to
capitalize on the many growth opportunities we see ahead.”
About Icahn Automotive Group LLC
Icahn Automotive Group LLC was formed by its parent, Icahn
Enterprises L.P. (NASDAQ: IEP), to invest in and operate businesses
involved in aftermarket parts distribution and service. Our
businesses have a singular focus: provide premium automotive parts
and services at a great value. The businesses of IEP and Icahn
Automotive Group today consist of Pep Boys, an automotive
aftermarket retail and service chain, Auto Plus®, an automotive
aftermarket parts distributor, Just Brakes®, an automotive service
chain, Precision Tune Auto Care, a network of owned and franchised
automotive service centers, and now American Driveline Systems, the
franchisor of AAMCO and Cottman Transmission & Total Auto Care
service centers.
Icahn Enterprises L.P. also owns Federal-Mogul Motorparts, a
leading global supplier of both original equipment and vehicle
aftermarket products. Federal-Mogul Motorparts sells and
distributes a broad portfolio of products through more than 20 of
the world's most recognized brands, including ANCO® wipers;
Beck/Arnley® premium OE quality parts and fluids;
Champion® lighting, spark plugs, wipers and filters, Fel-Pro®
gaskets; MOOG® chassis components; and Abex®, Ferodo®,
Jurid® and Wagner® brake products and lighting.
Caution Concerning Forward-Looking Statements
This release contains certain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995, many of which are beyond our ability to control or
predict. Forward-looking statements may be identified by words such
as “expects”, “anticipates”, “intends”, “plans”, “believes”,
“seeks”, “estimates”, “will” or words of similar meaning.
Forward-looking statements are not based on historical facts, but
rather on current expectations and projections about future events,
and are therefore subject to risks and uncertainties which could
cause actual results to differ materially from the future results
expressed or implied by the forward-looking statements. Such
statements are qualified in their entirety by the inherent risks
and uncertainties surrounding future expectations. We undertake no
obligation to publicly update or review any forward-looking
information, whether as a result of new information, future
developments or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20171002006365/en/
Icahn Automotive Group LLCMedia Contact:Shana
Ferguson, 215-430-9805mediarelations@pepboys.comorMergers and
Acquisitions Contact:James Healy,
215-430-9462jhealy@icahnautomotive.com
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