GREENWOOD VILLAGE, Colo., October 21, 2021--(BUSINESS WIRE)--FullSpeed Automotive, one of the nation’s largest franchisors and operators of automotive aftermarket repair facilities, announced today that it completed the acquisition of three quick lube and automotive service centers last week, bringing its total number of acquisitions since the start of the 3rd quarter to fourteen.
The fourteen centers were acquired in nine separate transactions across eight states, and all will be rebranded as one of FullSpeed Automotive’s iconic brands, Grease Monkey® or SpeeDee Oil Change & Auto Service®. Following its acquisition by MidOcean Partners in November 2020, FullSpeed Automotive has completed twenty-one acquisition transactions that have added sixty new centers, and now has 690 franchised and company-owned locations.
Last week’s acquisitions included Super Lube Service in Boliver, MO and two franchised Grease Monkey centers in Savage, MN and Eden Prairie, MN. In addition to Missouri and Minnesota, previous transactions in the third quarter also included acquisitions in Arizona, Colorado, Connecticut, Louisiana, New Hampshire, and Texas.
"We are excited about the continued expansion of the FullSpeed portfolio across the entire country," said Kevin Kormondy, Chief Executive Officer of FullSpeed Automotive. "Our acquisitions are not limited by geography or number of units. When we find the right acquisition partner we will move quickly, and we encourage independent auto center owners considering a sale of their business to contact us. "
Kathy Wagoner, former owner of Super Lube Service, agreed that FullSpeed Automotive is the right company to approach for a sale.
"The FullSpeed Automotive team has great experience in acquisitions, so they were incredibly knowledgeable and made the process very easy," Wagoner said. "Everything moved quickly, and they were upfront and honest throughout."
About FullSpeed Automotive®
FullSpeed Automotive® is a leading automotive aftermarket services platform offering oil changes, tire sales and rotations, brake services, car washes, and other ancillary services through multiple brand formats that target several desirable segments of the service market. The company’s strategic geographic footprint of 690 franchised and company-owned locations provide density in high growth markets. The company’s flagship brands include Grease Monkey® and SpeeDee Oil Change & Auto Service®. FullSpeed is headquartered in Greenwood Village, Colorado.
About MidOcean Partners
MidOcean Partners is a premier New York-based alternative asset manager specializing in middle-market private equity and alternative credit investments. Since its inception in 2003, MidOcean Private Equity has targeted investments in high-quality middle-market companies in the consumer and business services sectors. MidOcean Credit was launched in 2009 and currently manages a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts.
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