Private L.A. firm to buy Pep Boys for $1 billion

The locally based Pep Boys auto repair/retailer is jumping ship. A $1 billion deal with the Gores Group will put Pep Boys in the hands of the L.A.-based private equity firm.

According to a Philadelphia Business Journal report, the Pep Boys name will stay, as will CEO Mike Odell and other senior execs.

The deal could close by the end of the second fiscal quarter. Odell says the sale can help Pep Boys expand further.