Pep Boys hires advisor to explore sale-report

NEW YORK Fri Jan 21, 2011 12:45pm EST

NEW YORK Jan 21 (Reuters) - Pep Boys-Manny Moe & Jack (PBY.N), the Philadelphia-based auto parts retailer, has hired Bank of America (BAC.N) to explore a sale of the company, Bloomberg reported on Friday.

Pep Boys is not likely to run a formal sale process, but is trying to drum up interest among private equity buyers such as Leonard Green & Partners, Bain Capital and TPG Capital [TPG.UL], according to the report.

Separately, a person familiar with the matter told Reuters on Friday that Pep Boys had hired Goldman Sachs (GS.N) to sell itself in the past, but the process did not result in a sale.

The company started exploring a potential sale again late last year, but several private equity firms have shown limited interest in buying the company, that source said. (Reporting by Soyoung Kim; Editing by Lisa Von Ahn)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.