Valvoline Completes Acquisition of Assets of Henley Bluewater LLC
Addition of 56 quick-lube locations in Michigan and northern Ohio immediately increases the number of company-owned stores in the Midwest
LEXINGTON, Ky. - October 02, 2017 - (BUSINESS WIRE) - Valvoline Inc. (NYSE: VVV) today said that it has completed the previously announced acquisition of 56 Valvoline Instant Oil ChangeSM (VIOC) franchise service centers from Henley Bluewater LLC. These stores build on the infrastructure and talent base of the existing company-owned operations in northern Ohio and add company-owned locations in Michigan. Following the acquisition, the company has a network of 439 company-owned locations.
The acquisition was discussed as part of Valvoline’s previously announced signing of eight new development agreements with its larger franchisees, including two agreements with Henley Enterprises, Inc. Pursuant to those agreements, two of Henley’s subsidiaries will add approximately 100 stores in California and the Northeast and Mid-Atlantic regions over the next six years.
“We are very pleased to close the transaction and to add these stores and the strong team behind them to our company operations,” said Sam Mitchell, Valvoline’s chief executive officer. “A core element of Valvoline’s strategy is to accelerate the growth of our industry-leading quick lube model. Our plan is to grow company stores through new store builds and acquisitions and to work closely with our franchisees on their growth opportunities.”
The service model at VIOC has been built to provide a quick, easy and trusted experience for every customer, every day. Customers receive a stay-in-your-car solution for preventive maintenance services, including full-service oil changes and each vehicle manufacturer’s mileage-based services. The company’s model is built on an unwavering commitment to developing and protecting superior talent, both inside and outside its stores, and consistent execution of its proprietary tools, including point-of-sale technology, SuperProTM Management System and digital marketing platforms.
For a list of all Valvoline Instant Oil Change service center locations and hours of operation, visit www.vioc.com.
Valvoline Inc. (NYSE: VVV) is a leading worldwide producer and distributor of premium branded automotive, commercial and industrial lubricants, and automotive chemicals. Valvoline ranks as the #2 quick-lube chain by number of stores and #3 passenger car motor oil brand in the DIY market by volume in the United States. The brand operates and franchises more than 1,070 Valvoline Instant Oil ChangeSM centers in the United States. It also markets Valvoline™ lubricants and automotive chemicals; MaxLife™ lubricants created for higher-mileage engines; SynPower™ synthetic motor oil; and Zerex™ antifreeze. Visit www.valvoline.com to learn more.
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You should not rely upon forward-looking statements as predictions of future events. Although Valvoline believes that the expectations reflected in these forward-looking statements are reasonable, Valvoline cannot guarantee that the expectations reflected herein will be achieved. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by Valvoline or any other person that Valvoline will achieve its objectives and plans in any specified time frame, or at all. These forward-looking statements speak only as of the date of this news release. Except as required by law, Valvoline assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.
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Sean T. Cornett