CLEVELANDLube Stop Inc., a 37-location quick service oil change operation in Northeast Ohio, has acquired the assets of Grease Spot Inc., a 13-unit quick service oil change operator with locations in Illinois and Iowa.
Tony Cammerata, Lube Stop president, said that with this acquisition, we are excited to be joining forces with a highly-experienced Grease Spot team as we look to expand the Lube Stop brand and suite of services into exciting new markets.
Financial terms were not disclosed. The company, which is retaining Grease Spot employees, plans to eventually rebrand the Grease Spot locations as Lube Stop.
The acquisition is the first for Cleveland-based Lube Stop since it was acquired in 2014 by an affiliate of Argonne Capital Group L.L.C.
We acquired Lube Stop as a platform for acquisitions just like this, said Bill Weimar, senior vice president at Argonne Capital Group. We are excited to have crossed the 50-store mark with this deal and look forward to facilitating Lube Stop's continued growth in the automotive service sector.
Lube Stop was founded in 1985 and operates company-owned locations in the Cleveland and Akron-Canton, Ohio, areas, offering oil changes and ancillary automotive services.
Bourbannais, Ill.-based Grease Spot has been in business since 1986. It was owned by Buck and Diane McClure and Michele McClure. It specializes in 10-minute oil changes.
Mr. Cammerata said the firm plans to continue growing its market penetration in the Midwest through acquisitions and is always looking to buy small or large oil-change operations.