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February 9, 2005
NEW YORK, NY, February 9, 2005 - Covington & Burling advised American Tire Distributors, Inc. and its majority shareholder, Charlesbank Capital Partners, LLC, in an agreement under which Investcorp, a global investment group, will purchase ATD from Charlesbank.
American Tire Distributors is the leading national distributor of tires to the replacement tire market in the United States and serves as an important link between tire manufacturers and more than 40,000 independent tire dealers. The company is expected to generate pro forma revenue of approximately $1.4 billion for 2005. Charlesbank is a private equity firm making middle-market investments in U.S. companies with over $1 billion of capital under management.
The Covington team included Scott Smith, Stephen Infante, Michael Siegel, Steven Ferguson, and Emily Zarins. The company legal team was led by J. Michael Gaither, Executive Vice President, General Counsel, and Secretary.