TBC Corp. (Palm Beach Gardens, FL), which is in the midst of an offer to acquire Midas Inc., has announced title changes for some of its senior leaders. Bill Ihnken has been named president and chief operating officer for the TBC Retail Group’s company-owned stores. He previously served as executive vice president and chief operating officer of the retail group. Ihnken has been with TBC since 2000. Orland Wolford remains president and CEO of the retail group; however, he has been given the additional role of vice chairman of TBC. Wolford also has been with TBC since 2000.
TBC’s retail group operates more than 1,200 franchised and company-owned tire and service centers under the brands Tire Kingdom, Merchant’s Tire & Auto Centers, National Tire & Battery (NTB) and Big O Tires. The addition of Midas would nearly double that, adding 2,250-plus franchised, licensed and company-owned Midas shops across 14 countries — nearly 1,500 of which are in the United States and Canada — as well as 161 SpeeDee Oil Change centers in the United States and Mexico.
In related news, TBC and Midas have received early termination of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. This satisfies one of the conditions to consummation of the deal.