November 10, 2017 // Franchising.com // Greenwood Village, Colorado - Grease Monkey International, LLC, (dba FullSpeed Automotive™), one of the nation’s largest independent franchisors of automotive quick-lube centers, was acquired recently by CenterOak Partners LLC, a Dallas-based private equity firm with a focus on making control-oriented investments in middle market companies.
FullSpeed Automotive’s brands include: Grease Monkey®, SpeeDee®, LubePro’s®, and Monkey Shine® car wash. The Retail Operations division also operates Havoline® xpress lube® locations in addition to Grease Monkey and SpeeDee centers.
“FullSpeed Automotive has grown tremendously in the last five years under the leadership of President and CEO John B. Adams and I am very proud of the team’s accomplishments,” said Chester Stokes, outgoing Chairman of the Board and, formerly, the primary shareholder of the company. “The company has proven that it is ready for even greater growth with the successful acquisition of SpeeDee® Oil Change & Auto Service this past February.”
“We are very excited about the growth potential in the automotive service industry and see an attractive opportunity for future consolidation,” said Randall Fojtasek, Managing Partner of CenterOak. “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.”
The current FullSpeed Automotive management team will continue to serve under the leadership of President and CEO John B. 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,” said Adams, expressing gratitude to outgoing Board Members, existing Franchisees and the ongoing Support Team. “We look forward to partnering with CenterOak, which has the resources and expertise necessary for the next chapter of unprecedented growth.”
Grease Monkey International, LLC, headquartered in the Denver, Colorado area, is now doing business as FullSpeed Automotive and is parent company to: the Grease Monkey®, SpeeDee® and LubePro’s® quick lube brands as well as the Monkey Shine® car wash brand. FullSpeed Automotive also operates Havoline® xpress lube® locations as part of its Retail Operations Division. In total, the company serves millions of customers globally, with over 450 units within North & South America and overseas. The new parent company name draws on the customer appeal of its quick lube brands, all of which emphasize speed of professional service while also providing expert recommendations for additional automotive maintenance and repair needs”. For more information, go to www.FullSpeedAutomotive.com.
Founded in 1978 and, part the FullSpeed Automotive™ family of brands, Grease Monkey is one of the largest automotive quick lube franchisors – not owned by a major oil company – with more than 300 centers currently located in the United States, Mexico, South America, China, and Saudi Arabia. Grease Monkey centers focus on providing a “less hassle, more hustle” customer experience to fit the busy lives of the driving public by meeting their vehicle maintenance needs. Grease Monkey is also proud to have received the VetFran 5?Star rating demonstrating its extraordinary commitment to “provide access and opportunities in franchising to our Nation’s Veterans and their Spouses”. For more information, go to www.GreaseMonkeyIntl.com.
Founded in 1980, SpeeDee Oil Change & Auto Service is a franchise-based full-service automotive care company headquartered in the Denver, CO area. SpeeDee is a subsidiary of FullSpeed Automotive™, one of the nation’s largest automotive maintenance franchisors. SpeeDee franchisees operate over 150 centers across the United States in the Gulf Coast, Texas, Mid-Atlantic, California, New England and Mexico. For more information, visit www.SpeeDeeOil.com.
The Atlanta-area, St. Augustine-area, Illinois and Wisconsin Havoline® xpress lube® centers provide car care services that meet or exceed vehicle owner’s manual specifications and maintain warranty requirements. Services include fluid, filter and tire maintenance, as well as brake services. For more information, go to www.Havolinexpresslube.net.
Formed in 2005, Monkey Shine® is Grease Monkey’s car wash concept, which offers exterior vehicle maintenance services with in-bay automatic, express tunnel and self-serve car washes. Monkey Shine® centers use the highest quality, most reliable equipment in the industry and is only available for Grease Monkey Franchisees. For more information, go to www.GreaseMonkeyFranchise.com.
Founded in 1978, LubePro’s International, Inc. is a chain of fast lubrication and automotive maintenance centers once located in Illinois, Minnesota, Tennessee and Wisconsin. The chain was acquired in 2013 by Grease Monkey International, LLC. Since the acquisition, many LubePro’s converted to the Grease Monkey brand, however, there are still three remaining LubePro’s in Illinois and Tennessee. For more information, go to www.LubePros.com.
CenterOak Partners LLC is a private equity firm with a focus on making control-oriented investments in middle market companies organized or operating in the United States. The Firm specializes in three key industry sectors: Industrial Growth, Consumer, and Business Services. Based in Dallas, Texas, the investment and portfolio management team has a strong historical track record creating significant value through operational improvement. CenterOak’s senior leaders and their predecessor funds have managed over $1.8 billion of equity capital commitments and have completed over 100 acquisitions, representing over $3.3 billion in transaction value. For additional information, please visit www.centeroakpartners.com.
SOURCE FullSpeed Automotive™