8-K
MONRO, INC. (MNRO)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934.
Date of Report (Date of Earliest Event Reported):
March 10, 2021
MONRO, INC.
(Exact name of registrant as specified in its charter)
| New York | 0-19357 | 16-0838627 |
|---|---|---|
| (State of<br><br>Incorporation) | (Commission<br><br>File Number) | (I.R.S. Employer<br><br>Identification No.) |
| 200 Holleder Parkway, Rochester, New York | 14615 | |
| --- | --- | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code (585) 647-6400
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br><br>Symbol(s) | Name of each exchange<br><br>on which registered |
|---|---|---|
| Common Stock, par value $.01 per share | MNRO | The Nasdaq Stock Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 8.01 | Voluntary Disclosure of Other Events |
|---|
On March 10, 2021, Monro, Inc. announced that it has signed a definitive agreement to acquire Mountain View Tire & Service, Inc., which operates 30 retail locations in the Los Angeles area. Further details of this acquisition are contained in the press release furnished as Exhibit 99.1.
| Item 9.01 | Financial Statements and Exhibits |
|---|---|
| (a) | Not applicable. |
| --- | --- |
| (b) | Not applicable. |
| --- | --- |
| (c) | Not applicable. |
| --- | --- |
| (d) | The following is a list of exhibits furnished with this Current Report on Form 8-K: |
| --- | --- |
| Exhibit<br>No. | Description |
| --- | --- |
| 99.1 | Press release, dated March 10, 2021. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MONRO, INC. | ||
|---|---|---|
| (Registrant) | ||
| March 15, 2021 | By: | /s/ Maureen E. Mulholland |
| Maureen E. Mulholland, | ||
| Executive Vice President - Chief Legal Officer<br> <br>and Secretary |
EX-99.1
Exhibit 99.1
| CONTACT: | Kim Rudd |
|---|---|
| Executive Assistant | |
| (585) 784-3324 | |
| Investors and Media: Melanie Dambre / Jamie Baird | |
| --- | |
| FTI Consulting | |
| (212) 850-5600 |
FOR IMMEDIATE RELEASE
MONRO, INC. SIGNS A DEFINITIVE AGREEMENT TO ACQUIRE MOUNTAIN VIEW TIRE & SERVICE, INC.
~ Acquisition of 30 California-based Stores, Adding $45 Million in Expected Annualized Sales ~
~ Expands Presence in Attractive Western Region with a Total of 116 Stores ~
ROCHESTER, N.Y. – March 10, 2021 – Monro, Inc. (Nasdaq: MNRO), a leading provider of automotive undercar repair and tire services, today announced that it has signed a definitive agreement to acquire California-based Mountain View Tire & Service, Inc.
The acquisition includes 30 Mountain View Tire & Auto Service retail stores located in the Los Angeles area, further solidifying the Company’s geographic footprint in California. Monro will continue to operate all of these locations.
Robert Mellor, Chairman of the Board of Directors and Interim Chief Executive Officer of Monro, said, “We are pleased to announce the acquisition of Mountain View Tire & Service, which builds on our growing presence in the dynamic Western United States. Executing on strategically located acquisitions is a critical cornerstone of our growth strategy, and this announcement underscores the progress we have made on capitalizing on attractive opportunities in our fragmented industry. We are excited to welcome Mountain View to the Monro family.”
Nick Mitsos, Chief Executive Officer and President of Mountain View, stated, “We are thrilled and proud to have selected Monro, a company that shares Mountain View’s core values to always put the customer first and provide the highest level of informed, dedicated and trusted service, to continue Mountain View’s journey. I look forward to a bright future under Monro’s ownership.”
The transaction is expected to close in the first quarter of fiscal 2022, and add approximately $45 million in annualized sales, representing a sales mix of 70% service and 30% tires. On a combined basis, acquisitions completed and announced to date in fiscal 2021 represent an expected total of $65 million in annualized sales.
About Monro, Inc.
Headquartered in Rochester, New York, Monro is a chain of 1,264 company-operated stores, 96 franchised locations, seven wholesale locations and three retread facilities providing automotive undercar repair and tire sales and services. The Company operates in 32 states, serving the MidAtlantic and New England regions and portions of the Great Lakes, Midwest, Southeast and Western United States. The predecessor to the Company was founded by Charles J. August in 1957 as a Midas Muffler franchise. In 1966, Monro began to diversify into a full line of undercar repair services. The Company has experienced significant growth in recent years through acquisitions and, to a lesser extent, the opening of newly constructed stores. The Company went public in 1991 and trades on The Nasdaq Stock Market under the symbol MNRO.