“My experience with Century Equities as a buyer is that they did exactly what they said they were going to do exactly when they said they were going to do so (which happened to be very swift). Century and their real estate counsel were true professionals throughout the transaction.”
- Steven Horvath, Berkeley Capital Advisors
Over a four year period, Century Equities acquired 36 locations in 10 states on a sale/leaseback basis from Tire America, a financially strong, privately owned, regional company.
This important relationship with Century Equities allowed Tire America to keep the real estate and associated long-term debt off of their balance sheet by structuring the leases as operating leases. By doing so, the transactions were relegated to disclosure in the footnotes of their audited financial statements. The sale/leaseback transactions provided Tire America with the needed capital to fuel its rapid growth.
Tire America’s “clean” balance sheet and its rapid expansion were critical factors that led Western Auto Supply to acquire Tire America. Subsequently, Western Auto Supply became a member of the Sears, Roebuck & Company family and changed the name to National Tire & Battery.