Mumbai, Dec. 17 -- To expand its presence in the Midwest, Goodyear Tire bought Raben Tire Company.

Raben has been owned by affiliates of Palladium Equity Partners, LLC, a middle market private equity firm with approximately $3 billion in assets under management, since 2014.

"The purchase advances Goodyear's Connected Business Model and enables Goodyear's ability to win and grow in the rapidly changing tyre business by making it easier for consumers and fleets to buy and recommend Goodyear tyres," said the company.

Founded in 1952 and headquartered in Evansville, Indiana, Raben is one of the largest tyre and service companies in the Midwest and has vast operations that include over 30 commercial and consumer tire and service locations a...