BayPine-led investor group to buy Mavis Tire

A consortium led by BayPine LP and including StepStone Group Inc. agreed to purchase independent automotive service platform Mavis Tire Express Services Corp. for an undisclosed sum.

The consortium, which won the bid for Mavis in an auction that also included a bid from a group comprising Bain Capital LP and Berkshire Partners LLC, is partnering with TSG Consumer Partners LP and existing significant equity holder West First Management on the deal.

An earlier report pegged Mavis' valuation at roughly $6 billion, including debt. Mavis' lead investor, Golden Gate Capital, will keep a minority interest in Mavis.

David and Stephen Sorbaro, who hold a controlling stake in West First, will remain co-CEOs upon deal completion. The Mavis management team will include leaders from Mavis, Express Oil Group Inc., Brakes Plus Inc. and Town Fair Tire Foundation Inc.

The new investors will work with Mavis' management to expedite its expansion efforts, including increasing the geographic footprint and digital capabilities.

A group of financing partners led by Jefferies and Owl Rock Capital Partners LP is supporting the deal. The financing group includes Ares Capital Management LLC and certain affiliates and funds managed by affiliates of Apollo Global Management Inc.

Jefferies was the financial adviser to Mavis. Covington & Burling LLP and Ropes & Gray LLP were the respective legal advisers to Mavis and to the Sorbaro family and Golden Gate Capital. Kirkland & Ellis LLP and Ropes & Gray LLP are legal advisers to the consortium.