Icahn Automotive, an Icahn Enterprises L.P. company, which owns and operates Pep Boys, has completed its acquisition of Tecnicentros Mundial, a six-location automotive service chain in Puerto Rico.
The financial terms of the agreement were not disclosed.
The Tecnicentros Mundial locations in Caguas, San Juan Centro, Río Piedras, Campo Rico, Dorado, and Ponce will be converted to Pep Boys branded service centers, and employees at those locations will join the Pep Boys team, company officials said.
“The acquisition of Tecnicentros Mundial provides us with a strong platform for additional growth in Puerto Rico and will enable us to meet the increased demand for automotive service from both individual and fleet customers,” said Brian Kaner, CEO-Service.
“We welcome the Tecnicentros Mundial team to the Pep Boys family, and we are committed to continuing to help the island recover,” he said.
Similar to the contiguous United States, the demand for “do it for me” service in Puerto Rico is due to drivers keeping their cars longer, increased vehicle complexity, and growth in fleets, the company said.
The acquisition will increase the number of Pep Boys locations on the island to 33, of which 30 locations will provide automotive service. The company will also acquire an existing warehouse facility.
“Tecnicentros Mundial is pleased to be joining Pep Boys, a company with a long and stable history in Puerto Rico,” said Jacklin Tirado, vice president, Tecnicentros Mundial.
“Our late founder, Efraín Tirado, built Tecnicentros Mundial into a company with a strong reputation that has been a pillar of our local communities for more than 30 years, and we’re pleased with Pep Boys commitment to our employees, customers, and legacy,” she said.
Pep Boys has had locations on Puerto Rico for more than 25 years and employs more than 1,000 people, including hundreds of skilled automotive technicians to serve customers in the region.
The acquisition is part of a multi-year strategic expansion plan that has added significantly to the Icahn Automotive portfolio and expanded the Pep Boys footprint as the overall market for automotive service continues to consolidate.