MIDAS FDD Summary
Type of Business
The franchise is to operate an automotive maintenance and service center called a Midas Shop, which sells and installs, at retail, motor vehicle exhaust systems, brake components, suspension parts, heating and cooling system parts, tires and batteries and other motor vehicle parts, performs services in connection with these sales, and performs general and scheduled vehicle maintenance services.
We incorporated in Delaware on September 11, 1959. From January 1972 through January 29, 1998, we were a wholly-owned subsidiary of Whitman Corporation (originally IC Industries, Inc.). Effective January 30, 1998, we were spun-off from Whitman as part of a dividend distribution to Whitman shareholders and are now a wholly-owned subsidiary of Midas, Inc. Midas, Inc. is a Delaware corporation which is publicly traded on the New York Stock Exchange under the symbol MDS.
The total investment necessary to begin operation of a new 8-bay Midas Shop franchise ranges between $296,500 and $390,970, exclusive of the purchase of any real estate or the cost of building and leasehold improvements, including up to $244,800 that may be paid to the franchisor or its affiliates prior to or upon opening. The total investment necessary to convert an operating or previously operated automotive repair facility to a Midas Shop ranges between $88,500 and $390,970, exclusive of the purchase of any real estate or the cost of building and leasehold improvements, including up to $244,800 that may be paid to the franchisor or its affiliates.