Equity firm acquires Express Oil chain

SAN FRANCISCO — Private equity investment firm Golden Gate Capital has acquired Express Oil Change & Tire Engineers from Carousel Capital.

Express Oil will remain headquartered in Birmingham, Ala., and will continue to be led by its current management team, including CEO Ricky Brooks, the new owners said.

Express Oil's management and Carousel Capital will remain shareholders of the company. Financial terms of the transaction were not disclosed.

Express Oil has approximately 300 company-owned and franchised locations across 15 states offering quick oil changes, automotive maintenance and repair, and tire sales and services.

"We are delighted to partner with Golden Gate Capital, which is fully supportive of our long-term strategic plan and appreciates our deep-rooted commitment to exceptional customer service and providing the highest quality automotive products and services," Mr. Brooks said.

"I am extremely proud of the strong foundation we established throughout our decade-long partnership with Carousel Capital and believe that with Golden Gate Capital's support we are well-positioned to maintain our momentum as we pursue our growth strategy."

"After evaluating investment opportunities in the automotive aftermarket space for several years, we are excited to partner with Express Oil, a leading automotive service platform with an excellent management team, strong service culture and proven operating model," said Josh Olshansky, a managing director at Golden Gate Capital.

"We look forward to supporting Ricky and Express Oil's best-in-class management team as the company enters its next chapter of growth."

Golden Gate Capital Managing Director Josh Cohen added, "Express Oil is differentiated by its relentless focus on the customer, including the utmost integrity in every interaction. We are excited to support Express Oil as they build on their 37 years of success, and continue to deliver the outstanding customer experience for which the Company is known."

Golden Gate Capital, based in San Francisco, claims more than $15 billion of capital under management and invests across a wide range of industries and transaction types, including going-privates, corporate divestitures and recapitalizations, as well as debt and public equity investments.

Some of its investments include Bob Evans Restaurants, Red Lobster, Eddie Bauer, California Pizza Kitchen, Pacific Sunwear, Express and Zales.

For more information, visit www.goldengatecap.com.