SMK Speedy International will continue to exist as a separate, wholly
TORONTO, Dec. 21 /CNW/ - Forum Leasehold Partners Inc. (Forum) today
announced the formal close of its acquisition of the assets of SMK Speedy
International (Speedy) from Shiner, Kideckel, Zweig Inc., the Court appointed
Receiver. Speedy is a prominent national franchise network within the "while
you wait" automobile repair market.
"Today's acquisition represents a fresh start for the Speedy franchise
network - one that is secure and well-capitalized with no debt obligations,"
said Richard Abboud, President of Forum Leasehold Partners Inc. "Our previous
acquisition of 46 buildings that were leased to Speedy gave us exposure to the
automobile repair business - one that we chose to understand thoroughly. We
see a tremendous future for Speedy and are confident in its ability to fully
leverage a rich heritage of more than 50 years in the Canadian market."
With a national franchise network of more than 62 locations, Speedy
enjoys a truly national market presence and is one of Canada's largest
aftermarket specialists. The company's reputation for customer satisfaction
and fast yet professional service remains - giving the newly formed Speedy
Corporation an excellent company framework on which to build.
Early in the new year, Forum Leasehold Partners Inc. will announce the
new structure of Speedy, including naming Speedy's new president. The head
office of Speedy will remain at 365 Bloor Street East in Toronto. Speedy
corporate offices will provide continued support to franchisees both through
the immediate transition period and for the foreseeable future. Speedy focuses
on mufflers, brakes, shock absorbers, struts and front-end repairs as well as
the sale of tires, road safety inspections and vehicle maintenance services
that include oil, lube and filter replacement.
Forum Leasehold Partners is active in acquiring and developing
single-tenant properties leased to the public and private sectors. Established
in 2002, the company's portfolio currently consists of more than 800,000 sq.
ft. of property and will soon surpass 1,000,000 square feet. More information
is available at www.forum-flp.com.
For further information:
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