CLEVELAND (Sept. 5, 2014) — Private investment firm Argonne Capital Group L.L.C. has acquired the assets of Lube Stop Inc. from the company's founder.
Founded in 1985, Lube Stop is the oldest privately-owned quick oil change company in Northeast Ohio, according to Argonne. The company operates 37 locations in the Cleveland and Akron-Canton areas that service the vehicles of more than 25,000 customers per month with complete oil changes and ancillary automotive services.
Lube Stop's corporate office will remain in the Cleveland metro area following the transaction. The companies did not disclose the acquisition cost.
“Argonne has spent considerable time trying to find the right investment in the automotive service space,” said Karl Jaeger, Argonne managing director. “With our acquisition of Lube Stop, we've found a stable platform and strong brand which we hope to use as a stepping stone for future acquisitions and growth.”
Tony Cammerata, president of Lube Stop, said the chain “could not have asked for a better partner in Argonne.