WASHINGTON — Stock in Precision Auto Care Inc. jumped by up to 90 percent in Friday trading on news billionaire investor Carl Icahn is buying the Leesburg, Virginia-based company.
Icahn Enterprises will acquire Precision Auto Care’s more than 250 company-owned and franchised Precision Tune service locations across the country and bring them into its own portfolio of auto parts and repair companies. Icahn bought the Pep Boys auto parts and repair chain last year.
The deal also includes Precision Auto Wash and Precision Lube express centers.
“Coupled with our existing footprint of more than 1,000 corporate-owned locations, as well as our in-house automotive parts and tire distribution capabilities, we are uniquely positioned to provide high-quality parts, tires and services to our customers at the most competitive price,” said Daniel Ninivaggi, CEO of Icahn Automotive Group LLC.
Precision Auto Care has been in business for more than 40 years and has service locations in 26 states.
Precision CEO Robert Falconi will continue to head the Precision division, and the locations will continue to operate under the Precision brand name.
Precision thinly traded stock (OTC: PACI) was up 73 cents to $1.54 per share in Friday midday trading.