Carl Icahn has been rapidly acquiring businesses in the automotive service and aftermarket sectors.
Legendary investor Carl Icahn's aggressive expansion into the automotive segment continued in the Detroit area this week.
Icahn Automotive Group LLC added four service centers in metro Detroit to its portfolio. Each location will be transformed into Pep Boys Service and Tire Centers, a news release said.
Details of the four transactions were not disclosed.
The deals follow a string of acquisitions made in December across the country in the company's plan to expand its North American footprint, CEO Daniel Ninivaggi said.
The company said the acquisitions follow a previously announced "multimillion-dollar" Detroit area expansion plan that includes Pep Boys store openings and existing store remodels, inventory expansion, and two earlier acquisitions.
The suburban Detroit company manages more than 2,000 owned and franchised retail and service shops in nearly every state, Puerto Rico and Canada, the statement said.
Carl Icahn has been aggressively expanding in the automotive service and aftermarket retail space for the last few years. He also controls parts maker Federal-Mogul Holdings Corp., which owns numerous major parts brands such as Champion spark plugs and Wagner brakes.
Icahn also has a small stake in Lyft Inc. and a controlling position in rental car giant Hertz Global Holdings Inc.