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Pep Boys hires advisor to explore sale-report
January 21, 2011 / 5:49 PM / 7 years ago

Pep Boys hires advisor to explore sale-report

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)

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