Hicks Equity Partners, Gemini Investors and Monhegan Partners — in partnership with former TBC Corp. executive Bill Ihnken — have acquired the Just Brakes chain of repair shops. Financial terms of the transaction were not disclosed. Just Brakes owns and operates more than 130 shops in eight states and 14 major markets across the southern United States.
Ihnken — the former president and chief operating officer of TBC’s company-owned store division — has been named CEO of Just Brakes. Ihnken joined the TBC Retail Group in 2000 as senior vice president of operations, eventually becoming president and COO of the group’s company-owned store division in 2012. Prior to TBC, Ihnken held management positions with various retail automotive services companies, including Firestone Complete Auto Care and Sears Automotive.
Peter Pfister, managing partner of Monhegan Partners, called Ihnken the ideal executive to lead Just Brakes. “Bill has enjoyed a long and successful career in the automotive services industry, and understands the complexities of managing and growing a large chain of stores dedicated to extraordinary customer service,” Pfister said. “He is a great leader and has the vision, energy, and commitment to move Just Brakes forward.”
Tom Hicks, chairman and CEO of Hicks Equity Partners, has been named chairman of the Just Brakes board of directors. Hicks said the new ownership group is excited to pursue a range of growth opportunities for the company under Ihnken’s leadership.
Gemini Investors president Jim Goodman said ownership plans to continue Just Brakes’ expansion into the provision of other automotive aftermarket services. “Just Brakes has an exciting future, and we are pleased to participate in enhancing the business’ value,” Goodman added.
Ihnken said Just Brakes is a well-recognized brand name operating in attractive markets that will serve as a wonderful platform for growth. “Hicks Equity Partners, Gemini Investors and Monhegan Partners bring the strategic and financial resources needed to capitalize on its significant potential,” he said. “I am excited to lead Just Brakes and to collaborate with our dedicated employees and vendors to execute our long-term strategic plans, which include investments in training, expanded car care services, improved facilities and strategic acquisitions.”
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