Les Schwab

Photo: lesschwab.com

BEND, OR - Nearly 70 years after Les Schwab founded Les Schwab Tire Centers, its Board and Shareholders are seeking new ownership. Bloomberg first reported the move on Tuesday morning, saying the company could be sold for as much as $3 billion.

“Our incredible Tire Centers, and the company and communities we have built together, make us proud,” says a company statement. “As hard as it is to make the decision to sell this company, we are confident it will offer tremendous opportunity to build on all we have accomplished together for our customers, communities and our employees. We are excited to see what the future will bring.”

Company ownership has stayed in the family since it was founded by Les Schwab, who died in 2007. The company began in Prineville, Oregon in 1952 and has since grown to to nearly 500 locations in 10 states.