PR Newswire
NEW YORK, Nov. 19, 2024
FEP to Acquire 38 Valvoline Company-Owned Stores in Austin, San Antonio, El Paso and West Texas Markets
NEW YORK, Nov. 19, 2024 /PRNewswire/ -- Franchise Equity Partners (FEP), a private investment firm on a mission to create long-term partnerships with quality franchisees and franchisors, today announced a strategic partnership with Valvoline Inc., the trusted leader in preventive automotive maintenance. As part of the agreement, FEP will acquire 38 of Valvoline's company-owned stores in West Texas, including markets in Austin, San Antonio, El Paso, and surrounding regions. The stores will be franchised and operated under the newly formed entity, Velocity Auto Care.
"Partnering with Franchise Equity Partners advances Valvoline's growth strategy across Texas," said Lori Flees, President and CEO of Valvoline Inc. "FEP's exceptional track record, deep operational expertise, and ability to execute large-scale growth initiatives made them the right choice for this partnership. We are confident this collaboration will strengthen the Valvoline Inc. brand and provide customers across the region with quick, easy, trusted preventive maintenance services."
"From the initial meeting we had 15 months ago, we knew that Valvoline was the type of company we wanted to partner with – their culture, focus on people, and performance are top level," said Robert Daniel, Partner and Head of Capital Markets at FEP.
FEP has assembled a best-in-class leadership team to run the business. Robert Fish, CEO of Velocity Auto Care, brings extensive experience in franchise operations, including leading franchise portfolios with brands such as European Wax Center and Massage Envy. He will be supported by Ashish Chapagain, Chief Financial Officer, and Spencer Mason, VP of Operations. Tim Miller, former Chief Financial Officer of TBC Corporation, will join Velocity Auto Care's Board of Directors as Chairman, along with former Valvoline Inc. Chief Commercial & Marketing Officer, Heidi Matheys.
"We've built a strong leadership team that will drive the growth of the Valvoline Instant Oil Change brand across Central and West Texas," said Robert Fish, CEO of Velocity Auto Care. "We understand the value of the brand, and we're focused on building an organization that will deliver an experience that exceeds the expectations of our team members and customers."
Mike Esposito, Co-Founding and Managing Partner of FEP, also expressed his enthusiasm for the partnership, stating, "Partnering with Valvoline is a testament to FEP's ability to spot and seize exceptional growth opportunities. This partnership highlights our commitment to building scalable, sustainable businesses alongside visionary franchisors."
The acquisition of these 38 stores is a pivotal step in FEP's mission to partner with top-tier brands and franchisees for long-term growth. FEP has expertise in executing complex franchise operations and can deliver results at scale.
For more information about Franchise Equity Partners, please visit https://www.fep-us.com/ or follow the firm on LinkedIn.
About Franchise Equity Partners:
Franchise Equity Partners is a private investment focused on partnering with leading franchisee businesses and their owners. Its differentiated approach combines extensive corporate finance and operating experience with $1 billion of committed capital to enable growth, ownership simplification, succession and estate planning, among other strategic business opportunities.
About Valvoline Inc.
Valvoline Inc. (NYSE: VVV) delivers quick, easy, trusted service at more than 2,000 franchised and company-operated service centers across the United States and Canada. The company completes more than 28 million services annually system-wide, from 15-minute stay-in-your-car oil changes to a variety of manufacturer-recommended maintenance services such as wiper replacements and tire rotations. At Valvoline Inc., it all starts with our people, including more than 11,000 team members who are working to grow the core business, expand the company's retail network, and plan for the vehicles of the future. For more information, visit vioc.com.
Contact:
Alyssa Pfitscher
Fish 919
954-893-9150
[email protected]
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SOURCE Franchise Equity Partners
