CHARLOTTE, N.C. (Oct. 4, 2016) — Automotive service system franchisor Driven Brands Inc. has bought Lube Stop Inc., a Berea, Ohio-based operator of 51 quick oil change locations throughout the Midwest.
Financial terms of the deal — which will boost Driven Brands' Quick Lube business to more than 220 locations throughout North America — were not disclosed. Argonne Capital Group L.L.C. had owned Lube Stop since 2014.
Driven Brands CEO Jonathan Fitzpatrick called Lube Stop a “great addition” to his company's portfolio, noting that Lube Stop is known for its “customer-first premise and stellar operations.
“The addition of Lube Stop strengthens our commitment to the strategic growth of our Quick Lube division with top-performing, complementary companies,” Mr. Fitzpatrick said.
The acquisition ties into the formation recently of Driven Brands' Quick Lube Group, which brings together under one management team the company's various oil change businesses — Take 5 Oil Change, Pro Oil Change, Driven Florida Lubes and Econo Lube N' Tune — according to Marc Graham, president of the group.
“This represents terrific growth for the newly formed Quick Lube Vertical at Driven Brands,” Mr. Graham said.
“In just six months, we've greatly increased our footprint while offering unrivaled service to customers. Backed by Driven Brands' world-class technology, purchasing power, operational support and resources, we've been able to accelerate our growth and success.”
The Lube Stop deal is the sixth major acquisition for Driven Brands since Atlanta-based Roark Capital Group acquired the Charlotte-based business.
The other brands in the Quick Lube Group are:
- Take 5 Oil — 69 locations in South Louisiana, the Mississippi Gulf Coast, North and South Carolina and coastal Alabama.
- Pro Oil Change — 35 locations in eastern and western Canada.
- Driven Florida Lubes Xpress Lube — 65 Havoline Xpress Lube locations throughout south Florida.
- Econo Lube N' Tune — 90-plus stores in 19 states.
Other brands under Driven Brands' umbrella include Maaco, Meineke Car Care Centers, CARSTAR North America and 1-800 Radiator & A/C. Collectively the various brands generate annual system revenues of more than $2.1 billion.