NEW YORK — The Pep Boys — Manny, Moe & Jack, an auto-parts chain founded more than 90 years ago, has agreed to be taken private by the investment firm The Gores Group for about $791 million.
The $15-a-share offer is a 24 percent premium to Pep Boys’ closing price Friday of $12.08. News of the acquisition sent the Philadelphia company’s shares up $2.87, or 23.8 percent, to close at $14.95 in Monday’s trading.
Pep Boys’ brand recognition, as well as its moderate pricing, appealed to The Gores Group, said Lee Bird, Gores managing director of operations and consumer practice leader.
The chain, which has five stores in the Denver area, began in 1921 with the Naval buddies and original Pep Boys: Emanuel “Manny” Rosenfeld, Maurice “Moe” Strauss, Moe Radavitz and Graham “Jack” Jackson. Their first store opened in Philadelphia under the name Pep Auto Supplies, according to the company’s website. The Associated Press
