Midas Signs Agreement with a Subsidiary of Purdy Motor to Open Midas Shops in Costa Rica
ITASCA, Ill.--(BUSINESS WIRE)--Feb. 26, 2008--Midas, Inc. (NYSE: MDS) has signed an exclusive franchise agreement with Talleres Rapidos Centramericanos TRC, S.A. a subsidiary of Purdy Motor S.A. to build and operate Midas shops in Costa Rica.
Purdy, founded in San Jose, Costa Rica, in 1957, is the fourth oldest Toyota distributorship in the world. It employs more than 500 people in 12 sales outlets and parts distribution centers in Costa Rica.
Purdy will initially build five Midas shops, with the first outlet in San Jose expected to open later this year.
"Midas is pleased to be entering a franchise partnership with a company of Purdy's stature and expertise," said Alan D. Feldman, Midas' chairman and chief executive officer. "With its extensive and respected experience in automotive retailing and product distribution, Purdy will represent the Midas brand well in establishing our presence in Costa Rica."
Costa Rica will be the 19th country with Midas shops and the second in Central America.
"The automotive service aftermarket has historically been very fragmented and inconsistent in Costa Rica," said Amadeo Quiros, Purdy's vice president. "The Midas business model for shop operations, training, supply chain partnerships and marketing will enable us to stand above the competition and be quite successful."
Midas is one of the world's larger providers of automotive service, offering brake, maintenance, tires, exhaust, steering and suspension services at more than 2,500 franchised, licensed and company-owned Midas shops in 18 countries, including more than 1,700 in the United States and Canada.
SOURCE: Midas, Inc.