Mavis to acquire Pep Boys, headquartered in Bala Cynwyd, for 0 million.
Billionaire investor Carl Icahn’s company has entered into an agreement to sell Pep Boys, the well-known Philadelphia auto service chain, to Mavis Tire Express Services, a private equity-backed firm, for 0 million in cash. This transaction marks a significant shift in ownership for Pep Boys, which has been a staple in the auto repair and maintenance industry for over a century.
Icahn Enterprises LP, the parent company of the well-established Pep Boys, retains ownership of its real estate assets along with other businesses, including Aamco Transmissions and Precision Tune Auto Care. The acquisition signals Mavis’s strategic expansion, which will now encompass over 4,400 service locations nationwide.
Founded by Navy veterans Emanuel Rosenfeld, Maurice L. Strauss, W. Graham “Jack” Jackson, and Moe Radavitz in 1921, Pep Boys originated in Philadelphia’s Overbrook neighborhood. The company has since grown to operate at more than 750 locations across the United States. Its founders became icons in American automotive culture, incorporated into the brand’s logo through the cartoon images of Manny, Moe, and Jack.
With the transition to Mavis Tire, Pep Boys stands to benefit from the extensive scale, operational efficiency, and technological prowess of its new owner. Mavis, headquartered in White Plains, New York, aims to leverage Pep Boys’ loyal customer base and established market presence to enhance its supply chain capabilities across the country.
This acquisition follows a challenging decade for Pep Boys under Icahn’s ownership. In 2023, the company faced considerable difficulties when its sister brand, Auto Plus, filed for bankruptcy due to a host of economic pressures, including supply chain disruptions and reduced consumer demand related to the lingering effects of the COVID-19 pandemic. Under Icahn, Pep Boys shifted its focus away from retail auto parts sales toward services centered on repairs and tire offerings, resulting in the closure of several underperforming locations.
Icahn Enterprises’ auto segment reported a 3% decline in revenue for 2025, totaling .4 billion, indicating ongoing challenges within the industry. The sale of Pep Boys also follows Icahn’s decision to divest the company’s historic headquarters on Allegheny Avenue, transitioning operations to a new office in Bala Cynwyd. However, questions remain regarding the future of Pep Boys’ staff and facilities as the transition unfolds.
The integration of Pep Boys into Mavis Tire could signal a new phase of growth and adaptation for the brand, with potential implications for employees and customers alike as the automotive service landscape continues to evolve. A Mavis representative declined to confirm whether Pep Boys’ Bala Cynwyd office will remain operational, leaving some uncertainty about the future headquarters of the storied automotive service provider.
This acquisition not only represents a significant financial transaction but also highlights the ongoing changes within the automotive services industry, as companies seek to broaden their reach and consolidate market positions amidst evolving consumer preferences and economic conditions.
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