| Founded | 1957 |
|---|---|
| Headquarters | Rochester, New York, USA |
| Industry | Automobile Care |
| Revenue | ▲ 417.2 million USD (2007) |
| Employees | 3,000 (2007) |
| Website | www.monro.com |
Monro Muffler Brake (NASDAQ: MNRO) is an automotive service company focusing on muffler and brake repair. Monro Muffler is named for Monroe County, New York, without the "e."[1]
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The company was founded by Charles (Chuck) J. August in 1957, originally as a franchise of another company, Midas Muffler.[2]
In the mid-1960s, Chuck August decided that his muffler shops should offer an expanded list of services. This was not in line with the other organization's wishes. In 1966, Chuck discontinued his affiliation with Midas Muffler.[2] August launched a new muffler service company under the name Monro Muffler with his brother, Burton S. August, and Sheldon Lane. August named the new company after Monroe County, New York, but without the "e" at the end of the name.[1] August added brake services several years later and renamed the company, Monro Muffler Brake Inc.[1]
Monro began a deliberate course of prudent expansion, arriving at 20 stores by 1977.[2] Afterwards, a more aggressive expansion program was instituted when the company began to make a number of large acquisitions. By the mid-1980s, there were 59 stores which generated $21 million in sales annually.[1] Most of those locations were located in upstate New York.[1]
In 1984, the company's founder, Charles August, sold his controlling interest in Monro Muffler and Brake to a New York City-based investors group headed by Donald Glickman and Peter J. Solomon.[1][2] August remained on the company's board of directors until 2002.[2]
In 1991, Monro Muffler made its initial public offering.[2] Monro's stock began trading on NASDAQ under the symbol "MNRO". The company aggressively expanded throughout the 1990s outside of its traditional base in upstate New York.[2] In September 1998, Monro successfully purchased all 205 Speedy Muffler King locations within the United States from Speedy Muffler King, Inc. of Toronto, Canada.
In March 2004, Monro purchased the 25 stores and 10 kiosks of Mr. Tire in the Baltimore, Maryland, area. Later that year, five Rice Tire locations were purchased, and are now run as Mr. Tire Auto Service Centers. In April 2006, Monro acquired 75 ProCare shops, which had filed for bankruptcy. Forty-four of these stores operate as Monro Muffler Brake & Service, and 31 operate as Mr. Tire. With this latest merger, Monro now operates over 700 stores in 17 states.
Thirty-five of the Monro Muffler Brake & Service shops are located in BJ's Wholesale Club stores.
This strategy of new acquisitions and converting existing stores to carry the Monro name continues under the leadership of President and CEO, Rob Gross. Since his arrival in 1999, the company has steadily increased its sales and profitability. Monro is the largest, most profitable independently owned under-car repair specialist in the United States.
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