PHILADELPHIA- WTXF - Pep Boys, an iconic Philadelphia brand that goes back nearly a century, is getting a new owner.
Tiremaker Bridgestone Americas, Inc., has announced that it will acquire Pep Boys for what amounts to $835 million, or $15 per share.
"Bridgestone and Pep Boys are two leading companies that share a proud heritage in the American automotive services industry Gary Garfield, CEO and President of Bridgestone Americas, said in a statement.
"Our shared expertise and commitment to our customers and employees will help us build an even stronger organization."
Pep Boys was founded in Philadelphia in 1921 by Emanuel "Manny" Rosenfeld, Maurice "Moe" Strauss, W. Graham "Jack" Jackson and Moe Radavitz. The likenesses of Manny, Moe and Jack continue to appear in the company's logo to this day.