Capstone Partners advised Conrad’s Tire Express & Total Car Care—one of the largest tire and auto service platforms based in the Midwest—on its acquisition by Dobbs Tire & Auto Centers, a portfolio company of Audax Private Equity. Terms of the deal were not disclosed.
Conrad’s was founded by husband-and-wife Joan and Ed Conrad in 1969 and is based in Cleveland, Ohio. Joan and Ed grew the business into a large, sophisticated tire and auto service platform, delivering exceptional customer service and quality. In 1986, John Turk partnered with Joan and Ed. Building upon the company’s core, growing platform, John focused on driving market share expansion and improving operations. By 1989, he was named President, and was eventually joined by his sons, Eric Turk (CEO) and Chris Turk (CFO). Over the past 55+ years, the business continued to expand, reaching 39 locations with over 430 associates.
Chris Turk will transition with the business and continue to expand the platform under Dobbs’ ownership
“We are honored to have represented Conrad’s on their successful transaction with Dobbs,” commented Yogi Punjabi, Managing Director at Capstone Partners. “Through tremendous leadership and commitment of both the Conrad and Turk families, this organization has become a highly successful platform with a reputable brand and world class workforce. We believe there is strong alignment with Dobbs’ culture and vision, and we are excited to see the combined platform enter this exciting next phase of growth.”
The Capstone team was our perfect partner. Their sector expertise, consistent guidance, and strategic insights were invaluable to us throughout the process. They developed a highly professional and customized process and were committed to achieving a successful outcome for the owners and our team members.
The transaction solidifies the combined business as a leading tire and automotive service provider across the Midwest and South-Central U.S., with 97 retail locations across Missouri, Ohio, Illinois, and Texas. The combination strengthens both organizations, enhancing operational capabilities and expanding customer reach while maintaining their shared commitment to best-in-class service. Conrad’s experienced management team will continue to provide leadership and expertise, ensuring a seamless transition for customers and associates.
Capstone previously represented Dobb’s Tire & Auto Centers in their December 2023 growth investment from Audax Private Equity, making this Capstone’s third transaction in the multi-unit aftermarket tire retail and service provider space. This marks a highly strategic add-on for Dobbs, representing a substantial addition to their footprint and helping propel them to a top 15 aftermarket service business in the U.S.
Dobbs was founded in 1976 as a family-owned and operated private company and —following their growth investment by multi-strategy alternative investment manager Audax Private Equity—has grown to employ more than 750 active team members across ~100 locations. For more information, visit Dobbs Tire and Auto Centers here and Audax Private Equity here.
The investment banking professionals on Capstone Partners’ dedicated Automotive Aftermarket Team work with leading middle market companies operating in the aftermarket to advise with their strategic decision-making in order to maximize financial outcomes at every stage of the business lifecycle. Our firm has developed a full suite of corporate finance solutions, including M&A advisory, debt advisory, financial advisory, and equity capital financing to help privately owned businesses and private equity firms address any need, ranging from growth and financial or operational advisement to an ultimate exit transaction. To learn more about this transaction, or about the benefits of starting a relationship with our Auto Aftermarket Investment Banking Team, contact us.
