An Evansville-based tire and service company is under new ownership. The parent of Raben Tire Co. has sold the company to Goodyear Tire & Rubber Co. (Nasdaq: GT), though financial terms of the deal are not being disclosed.
Raben had previously been a portfolio company of New York-based private equity firm Palladium Equity Partners LLC. Palladium initially invested in Raben in 2014.
“As Raben joins the Goodyear family of industry-leading products and services, we thank Palladium for their strong partnership with our team over the past five years,” Scott Cisney, chief executive officer of Raben, said in a news release. “Together with Palladium, we executed a range of initiatives, including increasing the number of services offered, opening new locations, and pursuing strategic acquisitions.”
Raben was founded in 1952 and bills itself as one of the largest tire and service companies in the Midwest. It is not known if any jobs will be affected by the acquisition.