Atlantic Canada’s largest independent tire dealer is now 100 per cent locally owned.
Coast Tire & Auto Service acquired 49 per cent ownership from long-time financial partner Goodyear Canada as of Jan. 1.
John Correia, vice-president of sales and marketing, said the move has been in the works for two or three years.
“It’s nice to have that 100 per cent locally owned where we were 51 per cent and Goodyear was a 49 per cent shareholder and had been a great shareholder since 2002,” Correia said in an interview.
Correia said when he and three other partners purchased Coast Tire in 2002, Goodyear Canada came on board as a shareholder to help “bridge the deal.”
“They worked with us to help build the business as we took off,” he said.
But Correia said the company would not be where it is today without the strong dedication of employees and staff.
The Saint John-based company operates 26 commercial and consumer tire and auto service retail locations with more than 300 employees in New Brunswick, Nova Scotia, and Prince Edward Island.
It also has a commercial retreading plant and wheel refinishing facility in Moncton.
“It’s a new phase of the business that opens up opportunities to expand our product and our service offerings,” said Correia.
Correia said he was unable to provide the cost of the acquisition at this time.
