LEXINGTON, Ky.--(EON: Enhanced Online News)--Valvoline Inc. (NYSE: VVV) today announced that its subsidiary, Valvoline LLC, has signed a definitive agreement to acquire the business assets related to 28 quick-lube stores from Time-It Lube L.L.C. and Time-It Lube of Texas, LP (together, “Time-It Lube”). The stores are located in Louisiana and eastern Texas. The acquisition is expected to be completed in the second quarter of fiscal 2017. Financial terms were not disclosed.
Time-It Lube, based in Shreveport, La., was founded in 1987 and currently employs nearly 200 people. The addition of Time-It Lube will expand the presence of the Valvoline Instant Oil ChangeSM network, currently consisting of more than 1,070 company-owned and franchised stores, in east Texas and represents Valvoline’s entry into Louisiana.
“Like Valvoline Instant Oil Change, Time-It Lube is committed to delivering an excellent service experience to customers every day and we look forward to building on that foundation with the strength of the Valvoline™ brand, our industry-leading service model and proprietary quick-lube management tools,” said Sam Mitchell, Valvoline’s chief executive officer. “While the impact to fiscal 2017 earnings is not expected to be material, the addition of Time-It Lube strengthens Valvoline’s quick lube presence in eastern Texas, provides a gateway into Louisiana and accelerates the expansion of our store network.”
The service model at Valvoline Instant Oil Change 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-sales technology, SuperProTM Management System and digital marketing platforms.
“Time-It Lube is a family-run quick lube business that is driven by its people and focused on providing consistent, high-quality service to customers,” said Tony Puckett, president, Valvoline Quick Lubes. “As we have gotten to know Todd Burns and his leadership team, we know that we share the same commitment to serving our customers and an internal culture that values each person and his or her contributions. We very much look forward to having their team members join Valvoline and continuing to build on what Todd and his family have done over the last 30 years.”
“When you have worked 30 years, basically your entire working life, to build an organization, it and all of its people become like family,” said Todd Burns, owner of Time-It Lube. “For that reason, I had to be sure they would have a bright, secure future. Valvoline is a great company with a long history of taking care of its people and customers. I am very confident that the decision to sell to Valvoline was the right one.”
For a list of all Valvoline Instant Oil Change service center locations and hours of operations, 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. In 2016, it ranked as the #2 quick-lube chain by number of stores and #3 passenger car motor oil brand in the Do-It-Yourself 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 ValvolineTM lubricants and automotive chemicals; MaxLifeTM lubricants created for higher-mileage engines, SynPowerTM synthetic motor oil; and ZerexTM antifreeze. Visit www.valvoline.com to learn more.
TM Trademark, Valvoline or its subsidiaries, registered in
SM Service mark, Valvoline or its subsidiaries, registered in various countries
Forward looking statements
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