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Les Schwab Profit Sharing Retirement Plan
The plan traces its roots to 1952, when Les Schwab opened his first tire shop in Prineville, Oregon. Through profit-sharing, the company eventually split...
Les Schwab Profit Sharing Retirement Plan
The plan traces its roots to 1952, when Les Schwab opened his first tire shop in Prineville, Oregon. Through profit-sharing, the company eventually split ownership among employees, creating a retirement vehicle whose capital base grew with the expansion to more than 470 locations. In 2020, Meritage Group LP — the Simons family's investment office — acquired Les Schwab Warehouse Center Inc., tying the plan's governance to one of the quietest allocators in the country. On the private side, the plan commits across real estate, private equity, credit and infrastructure. Known fund relationships include NB Private Equity Partners, Q-BLK Real Assets II, and Bain Capital Real Estate Fund III. The plan holds direct commercial property as well, with parcels in Washington, Idaho, and Florida. Its footprint suggests a preference for mid-market, income-generating real assets alongside LP commitments to brand-name managers. Administration runs through NWPS, a retirement-plan recordkeeper. Trustee Wayne P. Roberts and CEO Jack Cuniff appear on governing documents, though the plan publishes almost no forward-facing commentary. Foundation giving flows through the separate Les Schwab Foundation, carved out from plan assets to support community programs in the Pacific Northwest. The plan's real distinction is its origin: a profit-sharing pool governed by blue-collar beneficiaries and connected — through Meritage's 2020 acquisition — to a major single-family office. That link may influence its access to fund vehicles, co-investment flows, and the type of private-market managers opening their books to a plan with fewer than $1 billion in disclosed deployment.
General information
Firm type
Pension Fund
Year founded
1952
Location
Region
North America
Country
United States
City
Bend
Corporate office
Bend, OR, United States
Principals
Jack Cuniff
CEO and former CFO of Les Schwab Warehouse Center, Inc.
Wayne P. Roberts
Trustee
Sector focus
Frequently asked questions
Who runs investment decisions for the Les Schwab Profit Sharing Retirement Plan?
Oversight falls to plan trustees, including Wayne P. Roberts. Jack Cuniff, CEO of Les Schwab Warehouse Center Inc., is also involved in plan administration. The plan's recordkeeping and administrative functions are delivered through NWPS, a full-service retirement plan provider.
How does the plan source its private market investment opportunities?
Commitments flow through third-party fund managers such as NB Private Equity Partners and Bain Capital, as well as direct commercial property holdings scattered across the western US. The 2020 acquisition of the parent company by Meritage Group LP — the Simons family office — positions the plan near a well-connected institutional network, though the plan's internal sourcing mechanics are not publicly disclosed.
Is the plan actively making new commitments, and what asset classes does it cover?
Known investments span real estate, infrastructure, private equity, and private credit. Specific holdings include Bain Capital Real Estate Fund III, NB Private Equity Partners, and Q-BLK Real Assets II. The plan also holds direct property in Washington, Idaho, and Florida, indicating an ongoing appetite for income-generating real assets.
How is the plan related to the Les Schwab Tire Centers and the Meritage Group?
The plan is the employee retirement vehicle of Les Schwab Warehouse Center, Inc., which operates more than 470 tire stores across nine western states. In 2020, Meritage Group LP acquired the company, linking the plan's governance and investment community to a multi-billion-dollar single-family office run by the Simons family.
Does the plan operate any philanthropic structures?
Philanthropic activities are handled separately through the Les Schwab Foundation, which is distinct from the retirement plan's assets. The foundation supports community initiatives across the Pacific Northwest, drawing on the Schwab family's legacy rather than plan capital.
How large is the plan in terms of assets or deployment?
The plan does not publicly disclose its total assets under management or aggregate deployment. Without audited public filings or official statements, an accurate figure is not available.
What differentiates this retirement plan from a typical corporate pension?
The plan's capital originated through profit-sharing with employees of a blue-collar tire chain. Its structural profile changed meaningfully after Meritage Group acquired the corporate parent in 2020, creating a rare alignment between a employee-retirement pool and a major single-family office with its own deep institutional relationships.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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