CORPUS CHRISTI, Texas — Quick-lube business operator and franchisor FullSpeed Automotive has acquired six Minit Man Oil Change quick lube and automotive service centers in the Corpus Christi market, and plans to rebadge them with its Grease Monkey brand.
The Minit Man locations were owned by HLS Ventures L.L.C. Financial terms of the deal were not disclosed.
Jason Smith, vice president, operations at HLS Ventures, called FullSpeed Automotive a "great partner" throughout negotiations, "engaging with our team to ensure a smooth and seamless transition for both employees and customers. The Corpus Christi market will be well-served by their experience and passion for customer service."
HLS Ventures/Minit Man has been active in the Corpus Market for over 40 years.
"We are thrilled to bring the Grease Monkey brand to the Corpus Christi market with six new centers and continue our strong growth in Texas," FullSpeed Automotive CEO Kevin Kormondy said.
This is FullSpeed's second major acquisition Texas this year. In July it bought 25 Kwik Kar Automotive Lube Centers in the Dallas-Fort Worth market, and planned to convert those stores to its SpeeDee Oil Change & Auto Service brand.
There also have been four franchised Grease Monkey store openings in Texas this year, including one in Texas City the week of Oct. 25, Greenwood, Colo.-based FullSpeed said.
This latest acquisition puts FullSpeed Automotive's network of stores at 697 franchised and company-owned locations under the Grease Monkey and SpeeDee Oil brand names.
Throughout 2021, FullSpeed has acquired 67 quick-lube centers vias 23 acquisitions. In addition, FullSpeed said it has secured 46 franchise agreements this year among its brands.
"And with our strategy to grow units through both expanded franchise operations as well as strategic acquisitions," Mr. Kormondy said, "we look to grow our brands by 200 to 300 units in a short amount of time."
Much of the growth has come since FullSpeed's acquisition by private-equity firm MidOcean Partners in November 2020.