Positions Goodyear to expand its reach and service to customers
AKRON, Ohio, Dec. 16, 2019 – The Goodyear Tire & Rubber Company (“Goodyear”) announced today that it is expanding its company-owned presence in the Midwest by purchasing Raben Tire Company (“Raben”). The purchase advances Goodyear’s Connected Business Model and enables Goodyear’s ability to win and grow in the rapidly changing tire business by making it easier for consumers and fleets to buy and recommend Goodyear tires.
Founded in 1952 and headquartered in Evansville, Indiana, Raben is one of the largest tire and service companies in the Midwest and has vast operations that include over 30 commercial and consumer tire and service locations and retread production plants.
“The addition of Raben further expands our network and strengthens Goodyear’s ability to serve fleets,” said Dave Beasley, vice president, Goodyear North America Commercial. “Goodyear is already one of the world’s largest operators of commercial truck service and retreading centers and has nearly 800 company-owned commercial and retail tire and auto service centers across the U.S. and Canada.”
Raben offers a diverse portfolio of commercial and consumer products. With its full suite of mechanical and tire services and a dedicated team of commercial vehicle technicians, Raben has serviced thousands of customers annually.
“We’re pleased to join the Goodyear family of industry-leading products and services and align with one of the most beloved and recognized brands in the world,” said Scott Cisney, CEO of Raben. “Like Raben, Goodyear puts customers at the center of everything. We look forward to increasing the availability of Goodyear products when and where customers want to buy as part of Goodyear’s aligned network of distributors and retailers.”
Raben has been owned by affiliates of Palladium Equity Partners, LLC (collectively, "Palladium"), a middle market private equity firm with approximately $3 billion in assets under management, since 2014.
Goodyear is one of the world’s largest tire companies. It employs about 64,000 people and manufactures its products in 47 facilities in 21 countries around the world. Its two Innovation Centers in Akron, Ohio, and Colmar-Berg, Luxembourg, strive to develop state-of-the-art products and services that set the technology and performance standard for the industry. For more information about Goodyear and its products, go to www.goodyear.com/corporate.
About Palladium Equity Partners, LLC
Palladium is a middle market private equity firm with approximately $3 billion of assets under management. The firm seeks to acquire and grow companies in partnership with founders and experienced management teams by providing capital, strategic guidance and operational oversight. Since its founding in 1997, Palladium has invested approximately $2 billion of capital in 33 platform investments and more than 135 add-on acquisitions. The firm focuses primarily on buyout equity investments in the range of $50 million to $150 million. The principals of the firm have significant experience in consumer, services, industrials, and healthcare businesses, with a special focus on companies they believe will benefit from the growth in the U.S. Hispanic population. Palladium is based in New York City. For more information, visit www.palladiumequity.com.