NEUBERGER BERMAN ALTERNATIVES LEADS ACQUISITION OF MINORITY STAKE IN MAVIS

NEW YORK, June 5, 2023 /PRNewswire/ -- Neuberger Berman, a private, independent, employee-owned investment manager, announced that Neuberger Berman Alternatives has led the acquisition of a minority stake in Mavis Tire Express Services Corp. Mavis ("the Company") is one of the largest independent tire and service providers in the United States. Proceeds from the investment were used to facilitate Mavis's acquisition of 392 NTB Tire and Service Centers and 203 Tire Kingdom Service Centers, leading tire and service retailers with locations throughout Florida and Texas, as well as other states in the Mid-Atlantic, Midwest and Southeastern U.S.

Founded in 1972 by the Sorbaro family, with roots dating back to 1949, Mavis is a leading independent tire dealer and automotive aftermarket service provider with approximately 2,000 locations across the U.S. The company's repair and maintenance products and services include tires, brakes, alignments, suspension, shocks, struts, oil changes, and battery replacement, among other offerings. Mavis has rapidly grown its platform through the successful completion of several strategic acquisitions, while also launching new stores in existing markets.

The investment was made by several client portfolios managed by NB Alternatives Advisers LLC. Terms of the investment were not disclosed.

"We are excited to partner with management, as well as existing investors BayPine, TSG, and Golden Gate Capital to support Mavis's continued growth. We have long admired the company and believe Mavis's demonstrated track record of high-quality service will continue to be valued by customers in the years to come," said J.T. Munch, Managing Director, Neuberger Berman Alternatives.

Latham & Watkins served as legal advisor to Neuberger Berman.

About Neuberger Berman

Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 26 countries, Neuberger Berman's diverse team has over 2,700 professionals. For nine consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). Neuberger Berman is a PRI Leader, a designation, since last assessed, that was awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. In the 2021 PRI Assessment, the firm obtained the highest possible scoring for its overarching approach to ESG investment and stewardship, and integration across asset classes. The firm manages $436 billion in client assets as of March 31, 2023. For more information, please visit our website at www.nb.com.

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