A Midas auto repair store in Totowa, N.J. (Michael Brochstein/SOPA/LightRocket/Getty Images)
February 20, 2026 5:00 PM, EST
Mavis Tire Express Services Corp., an auto repair and tire service provider that counts Midas and Tuffy among its brands, has picked banks for a U.S. initial public offering, according to people familiar with the matter.
The company is working with Bank of America Corp. and Goldman Sachs Group on the IPO, which could happen as soon as this year, the people said, asking not to be identified as the matter is private. The share sale could raise about $2 billion, some of the people said.
Mavis, which traces its roots to 1949, is also working with Jefferies Financial Group, JPMorgan Chase & Co. and Morgan Stanley on the offering, the people said. The company held early talks with advisers on the listing earlier this month, people familiar with the matter have said.
An investor group led by BayPine and in partnership with TSG and a company controlled by members of the founding Sorbaro family acquired Mavis in 2021 from Golden Gate Capital, which retained a minority stake. Neuberger Berman’s Alternatives led the acquisition of a stake in 2023.
Deliberations are ongoing and details could change, the people said. Representatives for Bank of America, Goldman Sachs, Jefferies, JPMorgan, Morgan Stanley and BayPine declined to comment. Spokespersons for Mavis and TSG didn’t immediately respond to requests for comment.
Companies in private equity portfolios are expected to ramp up their U.S. IPO activity this year after several years with only a handful of deals. Forgent Power Solutions and affiliates of buyout firm Neos Partners raised $1.74 billion in the largest U.S. IPO this year. Jersey Mike’s Subs, the sandwich chain backed by Blackstone Inc., is seeking a valuation of at least $12 billion in an IPO that could come as soon as the third quarter, people familiar with the matter have said.Â
Founded in 1972 by the Sorbaro family, Mavis’ other brands include Mavis Discount Tire, Mavis Tires & Brakes and Express Oil Change & Tire Engineers, according to its website. Its repair and maintenance products and services include tires, brakes, alignments, suspension, oil changes, batteries and exhaust work.
