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November 22, 2017 01:00 AM

Private equity firm buys Grease Monkey International

Bruce Davis
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    DALLAS — Private equity firm CenterOak Partners L.L.C. has acquired Grease Monkey International L.L.C., the franchisor of the Grease Monkey, SpeeDee and LubePro's quick-lube and Monkey Shine car wash businesses.

    Greenwood, Colo.-based Grease Monkey — d.b.a. FullSpeed Automotive — also operates 41 Havoline xpress lube locations in Georgia and Illinois as part of its Retail Operations Division.

    Financial terms of the transaction were not disclosed.

    CenterOak Managing Partner Randall Fojtasek said CenterOak is "excited about the growth potential in the automotive service industry and see an attractive opportunity for future consolidation.

    Acquiring a company like FullSpeed Automotive — already performing above industry growth rates with its well-known brands — "provides the ideal investment platform to accelerate both organic growth and footprint growth through acquisitions," he added.

    The current FullSpeed Automotive management team will continue to serve under the leadership of President and CEO John B. Adams, CenterOak said.

    TIre Business file photo

    Adams

    "The company has accomplished great things through smart investments, open collaboration, excellent execution and unrelenting commitment, yet there is so much more we can achieve with this formula for success," Mr. Adams said.

    "We look forward to partnering with CenterOak, which has the resources and expertise necessary for the next chapter of unprecedented growth."

    Chester Stokes, outgoing chairman and the former primary shareholder of Grease Monkey, said he's "very proud" of the company's growth the past five years under Mr. Adams' leadership.

    "The company has proven that it is ready for even greater growth with the successful acquisition of SpeeDee Oil Change & Auto Service…."

    Grease Monkey International acquired SpeeDee from TBC Corp. in late January for an undisclosed price.

    Grease Monkey/FullSpeed Automotive now is active through more than 450 franchised and company-owned units in North and South America and overseas.

    Palm Beach Gardens-based TBC acquired the SpeeDee business in March 2012 as part of its $310 million purchase of Midas Inc.

    Dallas-based CenterOak Partners is a private equity firm with a focus on "control-oriented" investments in middle market companies organized or operating in the U.S. It specializes in three key industry sectors: industrial growth, consumer and business services.

    FullSpeed is its only automotive-related portfolio company.

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