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
apfitscher@fish-consulting.com
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SOURCE Franchise Equity Partners