American Tire Distributors
| Formerly | J.H. Heafner Co. Heafner Tire |
|---|---|
| Founded | 1935 |
| Founder | J.H. Heafner |
| Headquarters | Huntersville, North Carolina |
Area served | United States and Canada |
Key people | Michael Feder (CEO) |
| Revenue | US$5B[1] (2015) |
Number of employees | 5,000 (2024) |
American Tire Distributors (ATD) is an American distributor and retailer of automotive parts and supplies, including tires and wheels. The company has locations across the United States and Canada.
History
[edit]J.H. Heafner Co. was founded in Lincolnton, North Carolina, in 1935.[2] The company acquired Winston Tire Company in 1997, and moved ATD's headquarters from Lincolnton to Charlotte in 1998.[3] Heafner Tire sold Winston Tire Company to Performance Management, Inc. in 2001.[4] In 2000, Heafner Group acquired American Tire Distributors.[5] Heafner Tire changed its name to American Tire Distributors (ATD) in 2002.[6]
American Tire Distributors was acquired by TPG Capital in 2010.[7]
ATD filed for Chapter 11 bankruptcy protection in October 2018, seeking to cut $1.1 billion of the company's debt.[8] ATD received assistance refinancing from investors, including Wells Fargo.[9] The company emerged from bankruptcy in December 2018.[10]
The company struggled to recover in the wake of filing bankruptcy due to the loss of its relationship with several major tire manufacturers.[11] American Tire Distributors had an annual revenue of $5 billion in 2019.[12] In February 2021, Goldman Sachs led talks on a $1 billion junk bond deal to refinance ATD, which had not recovered from the loss of major manufacturing partners.[13]
As of 2021, Forbes lists the company as the 81st largest privately owned company in the United States.[14]
In 2022, American Tire Distributors sold their Canadian operations (National Tire Distributors) to Groupe Touchette.[15]
In October 2024, ATD filed for Chapter 11 bankruptcy protection for the second time, listing assets and liabilities between $1 billion and $10 billion. The company plans to sell itself to new owners in efforts to eliminate debt.[16]
References
[edit]- ^ "American Tire Distributors Holdings". Forbes.
- ^ "Inside the tire distributor that nearly cracked the Fortune 500". Charlotte Observer. July 17, 2015.
- ^ Harris, David (May 4, 1998). "Heafner HQ will relocate to Charlotte". www.bizjournals.com. Retrieved 2021-08-14.
- ^ "Heafner Tire Group selling Winston Tire unit". Tire Business. 2012-09-09. Retrieved 2021-08-19.
- ^ "Heafner Group buying American Tire Distributors". Tire Business. 2012-09-09. Retrieved 2021-08-14.
- ^ "Heafner Tire changing name". www.bizjournals.com. April 17, 2002. Retrieved 2021-08-14.
- ^ "American Tire Distributors Holdings Announces Acquisition By Affiliates of TPG Capital". www.bloomberg.com. April 21, 2010. Archived from the original on 2013-10-24. Retrieved 2021-08-14.
- ^ Biswas, Soma (2018-10-04). "American Tire Distributors Files for Chapter 11 Bankruptcy Protection". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-08-19.
- ^ "Huntersville-based American Tire Distributors files for bankruptcy". www.bizjournals.com. Retrieved 2021-08-19.
- ^ Elkins, Ken (December 31, 2018). "It's already a new year for Huntersville's American Tire Distributors". www.bizjournals.com. Retrieved 2021-08-19.
- ^ "DISTRESSED DAILY: American Tire Falls Flat as Costs Keep Rising". news.bloomberglaw.com. Retrieved 2021-08-19.
- ^ Staff, ByMerrilee BartonForbes. "American Tire Distributors Holdings". Forbes. Archived from the original on February 12, 2013. Retrieved 2021-08-14.
- ^ Doherty, Katherine; Seligson, Paula; Gurumurthy, Gowri (February 8, 2021). "American Tire to Eye $1 Billion Refinancing Post Bankruptcy". Bloomberg.com. Retrieved 2021-08-19.
- ^ "America's Largest Private Companies". Forbes. Retrieved 2021-08-14.
- ^ https://www.bnnbloomberg.ca/groupe-touchette-to-acquire-canadian-unit-of-us-tire-distributor-1.1791457
- ^ Monahan, Andrew (October 23, 2024). "American Tire Seeks Bankruptcy Again, Enters Restructuring Pact". Bloomberg. Retrieved October 23, 2024.