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Pep Boys sold to private equity group

Manny, Moe and Jack are going private after Gores Group, a Los Angeles equity fund, agreed to buy the 91-year-old Pep Boys for $791 million, or $15 a share. The company's stock soared $2.85 a share to close at $14.93 once the deal was announced. It values the company at about $1 billion. Some analysts suggested Pep Boys, which had annual sales of $2.1 billion, was worth $17 a share. The chain of 700 auto repair and parts stores has seven bay area locations. The company expects current management to remain.

Times staff

Pep Boys sold to private equity group 01/30/12 [Last modified: Monday, January 30, 2012 7:43pm]
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