Gores Group has signed an agreement to take private the national auto parts chain Pep Boys – Manny, Moe & Jack in a deal roughly valued at $791 million.

The Westwood investment firm headed by billionaire financier Alec Gores on Monday said it would pay $15 a share, a 24 percent premium over Pep Boys’ closing price on Friday.

The Philadelphia auto parts and services company was launched in 1921 by three navy buddies who continue to be associated with the company’s branding as the “Original Pep Boys”: The company operates more than locations in 35 states and Puerto Rico.

“Pep Boys’ strong brand awareness and management’s strategy to be the automotive solutions provider of choice for the value-oriented customer positions Pep Boys for growth,” said Lee Bird, Gores Group managing director of operations and consumer practice leader, in a statement. “We are excited to help Pep Boys build on this vision.”

The agreement provides for a 45-day “go-shop” period during which Pep Boys can seek better offers. Gores Group said it has fully committed financing and is ready to close the deal in the second quarter.