Valvoline to Acquire Great Canadian Oil Change, its First International Quick-Lube Acquisition
Great Canadian Oil Change, which has 73 franchised stores in five
Canadian provinces, will become Valvoline’s largest quick-lube brand in
Canada
Valvoline Inc. (NYSE: VVV), a leading worldwide supplier of premium
branded lubricants and automotive services, today announced that it has
signed a definitive agreement to acquire the business assets of Great
Canadian Oil Change, which franchises 73 quick-lube stores in five
Canadian provinces, primarily in British Columbia and Saskatchewan. The
acquisition is expected to be completed within 60 days. Financial terms
were not disclosed.
Great Canadian Oil Change, based in Chilliwack, British Columbia, was
founded in 1978 and is the third largest quick-lube system in Canada.
The acquisition will expand Valvoline’s existing quick-lube network to
more than 1,200 company-owned and franchised locations.
“Growing and strengthening our quick-lube network through organic store
expansion and high-quality acquisitions in both core and new markets is
a key business strategy for Valvoline,” said Sam Mitchell, chief
executive officer. “The addition of Great Canadian Oil Change, with its
established brand – which we intend to keep in place – and loyal
customer base, provides us with an excellent opportunity to expand our
quick-lube footprint outside the U.S.”
“Owners Trevor and Carolynn Weflen have spent 40 years developing the
Great Canadian Oil Change brand and building its reputation in the
Canadian marketplace,” said Tony Puckett, president, Valvoline Quick
Lubes. “We’ve developed a strong relationship with Great Canadian Oil
Change over the years through our Canadian installer business team and
blending and packaging plant in Mississauga, and look forward to working
with Great Canadian Oil Change’s large and experienced franchise-owner
base to further grow and improve the business. We believe there is
significant opportunity for system growth through both support of
franchisees and company-owned store expansion.”
“Great Canadian Oil Change has been part of our family since 1978, and
we are extremely proud of the brand we’ve built and the growth we’ve
achieved,” said Trevor Weflen, owner of Great Canadian Oil Change.
“Although the decision to sell was difficult, we are very confident that
Valvoline is the right steward for the Great Canadian Oil Change brand
and our franchisees going forward. Valvoline is a 150-year-old company
that has a long, successful history of taking care of its people,
franchisees and customers. We know Valvoline is dedicated to the growth
and success of the brand and every franchisee.”
About ValvolineTM
Valvoline Inc. (NYSE: VVV) is a leading worldwide marketer and supplier
of premium branded lubricants and automotive services, with sales in
more than 140 countries. Established in 1866, Valvoline's heritage spans
over 150 years, during which it has developed powerful brand recognition
across multiple product and service channels. The highly trusted brand
ranks as the No. 3 passenger car motor oil brand in the DIY market by
volume and the No. 2 quick-lube chain by number of stores in the United
States. The company operates and franchises more than 1,100 Valvoline
Instant Oil Change℠ centers in the United States. It also
markets Valvoline lubricants and automotive chemicals, including the new
Valvoline™ Modern Engine Full Synthetic Motor Oil, which is
specifically engineered to protect against carbon build-up in Gasoline
Direct Injection (GDI), turbo and other engines manufactured since 2012;
Valvoline High Mileage with MaxLife technology motor oil for engines
over 75,000 miles; Valvoline Synthetic motor oil; and Zerex™ antifreeze.
To learn more, visit www.valvoline.com.
Forward-Looking Statements
Certain statements in this news release, other than statements of
historical fact, including estimates, projections, statements related to
the company’s business plans and operating results are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Valvoline has identified some of these
forward-looking statements with words such as “anticipates,” “believes,”
“expects,” “estimates,” “is likely,” “predicts,” “projects,”
“forecasts,” “may,” “will,” “should” and “intends” and the negative of
these words or other comparable terminology. These forward-looking
statements are based on Valvoline’s current expectations, estimates,
projections and assumptions as of the date such statements are made, and
are subject to risks and uncertainties that may cause results to differ
materially from those expressed or implied in the forward-looking
statements. Additional information regarding these risks and
uncertainties are described in the Company’s filings with the Securities
and Exchange Commission, including in the “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and Results
of Operations” sections of Valvoline’s most recently filed periodic
reports on Forms 10-K and Form 10-Q, which are available on Valvoline’s
website at http://investors.valvoline.com/sec-filings.
Valvoline assumes no obligation to update or revise these
forward-looking statements for any reason, even if new information
becomes available in the future.
TM Trademark, Valvoline or its subsidiaries, registered in
various countries
SM Service mark, Valvoline or its
subsidiaries, registered in various countries
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