LEXINGTON, Ky., Dec. 11, 2015 – Ashland Inc. (NYSE: ASH) today announced that it has signed a definitive agreement to acquire OCH International, Inc. (Oil Can Henry’s), which operates and franchises a total of 89 quick-lube stores in six states. The acquisition is expected to be completed in the first quarter of calendar 2016. Financial terms were not disclosed.
Oil Can Henry’s, based in Portland, Oregon, is the 14th largest quick-lube network in the United States, servicing approximately 1 million vehicles annually. Founded in 1978, it employs approximately 435 people and currently operates 47 company-owned stores and 42 franchise locations in Oregon (38 sites), Washington (29), California (11), Arizona (five), Idaho (three) and Colorado (three).
The addition of Oil Can Henry’s will complement the existing Valvoline Instant Oil ChangeSM network of approximately 940 company-owned and franchise stores, while also marking Valvoline’s entry into the quick-lube space in several Pacific Northwest markets.
“The addition of Oil Can Henry’s offers attractive growth opportunities for Valvoline in Oregon, Washington and other select markets as we accelerate the expansion of our store network,” said Sam Mitchell, Ashland senior vice president and Valvoline president. “Like Valvoline Instant Oil ChangeSM, they are committed to delivering an outstanding service experience to customers every day. We look forward to building on that solid foundation with the strength of the Valvoline brand and our industry-leading, quick-lube management tools that are proven to drive customer acquisition and loyalty.”
“Valvoline is a strong and growing business. We see significant opportunities to grow the Valvoline Instant Oil ChangeSM network and we are increasing our investment to accelerate store count growth, both organically and through acquisitions," said William A. Wulfsohn, Ashland chairman and chief executive officer. "The acquisition of Oil Can Henry's is consistent with this strategy as it will provide high returns on invested capital, will increase our quick-lube store count by nearly 10 percent and will expand our geographic footprint. This acquisition comes at an exciting time as we prepare to separate Valvoline into an independent, publicly traded company."
Valvoline Instant Oil ChangeSM service centers provide a stay-in-your-car solution for preventive maintenance needs including full-service oil change, transmission, radiator, gearbox and air-conditioning services, tire rotation, wiper blade, air filter, light bulb and serpentine belt replacement. Most locations also offer fuel system and battery services. Using an ASE-certified training program, store technicians are trained to work on all vehicle makes and models, including luxury and diesel vehicles. No appointments are necessary.
“Our goal is to deliver consistently great service to every customer, every day, at every store,” said Tony Puckett, president of Valvoline Instant Oil ChangeSM. “We’re looking forward to working with the team at Oil Can Henry’s to grow the business and build on their success.”
“Oil Can Henry’s has been part of my life since 1988 when my father, John E. Shepanek, acquired the company,” said Chris Shepanek, CEO of Oil Can Henry’s. “I‘m extremely proud of what we have achieved and look forward to the opportunities this creates for our team. This is a testament to the smart, hard-working people and innovative programs that have made Oil Can Henry’s an industry leader. Our focus on delivering superior service that people trust has earned Oil Can Henry’s the loyalty of vehicle owners throughout the West.”
For a list of all Valvoline Instant Oil Change service center locations and hours of operations, visit vioc.com.
For a list of all Oil Can Henry’s locations and hours, visit oilcanhenrys.com.
Valvoline is a leading worldwide producer and distributor of premium-branded automotive, commercial and industrial lubricants, and automotive chemicals. It ranks as the #2 quick-lube chain and #3 passenger car motor oil brand in the United States. The brand operates and franchises approximately 940 Valvoline Instant Oil ChangeSM centers in the United States. It also markets ValvolineTM lubricants and automotive chemicals; MaxLifeTM lubricants created for higher-mileage engines, SynPowerTM synthetic motor oil; and ZerexTM antifreeze. Key customers include: retail auto parts stores and mass merchandisers who sell to consumers; installers, such as car dealers, repair shops and quick lubes; commercial fleets; and distributors.
Ashland Inc. (NYSE: ASH) is a global leader in providing specialty chemical solutions to customers in a wide range of consumer and industrial markets, including adhesives, architectural coatings, automotive, construction, energy, food and beverage, personal care and pharmaceutical. Through our three business units – Ashland Specialty Ingredients, Ashland Performance Materials and Valvoline – we use good chemistry to make great things happen for customers in more than 100 countries. Visit ashland.com to learn more.
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Oil Can Henry’s