Mumbai, India – Indian off-highway tire startup Mahansaria Tyres Private Ltd (MTPL) has reached an in-principle agreement to acquire a majority stake in Stow, Ohio-based Tyres International Inc., as part of a strategy to expand its global footprint.
As part of the agreement, Tyres International will distribute MTPL’s Ascenso brand of agricultural and construction tires in the US, whilst continuing to act as a distributor for ZC Rubber’s Westlake commercial truck tires and Sunrise commercial truck wheels, MTPL announced 3 June.
According to its website, Tyres International specialises in truck, industrial, agricultural, and off road tires and currently distributes its own brand “Tiber” as well as other brands including BKT, Westlake, CEAT, MRF and Hankook.
The acquisition is the latest in a series of expansion moves by MTPL, which was founded by industry veterans Ashok Mahansaria and Yogesh Mahansaria.
In September 2020, MTPL started tire production at its greenfield manufacturing facility in Panoli, in the western Indian state of Gujarat.
Earlier that year, the company acquired a majority stake in the Dutch off-highway tire distributor European Agriculture Tyre Distributor (EATD).
This latest investment, MTPL said, is its "first step" in building a distribution network in North America, while helping Tyre International to become a “leading” wholesale tire distributor in the US.
“We have known Marty Bezbatchenko (Principal of TI) for more than 15 years and have highest regards for his deep knowledge and experience in the American tire market,” said Yogesh Mahansaria.
The Mahansaria family has over 30 years of experience in the tire industry: building two major off-highway tire businesses: Alliance Tire Group and prior to that Balkrishna Industries Ltd (BKT).
Yogesh Mahansaria is the former majority owner and CEO of Alliance Tire Group and prior to that an executive with BKT Tyres Ltd. He orchestrated the purchase of Israel's Alliance Tyres in 2007 and then sold majority interest of the expanded enterprises in 2013 to the global investment firm KKR & Co. L.P.
Yokohama Rubber Co. Ltd. acquired ATG in 2016 from KKR, the Mahansarias and other minority shareholders.