LEXINGTON, Ky., Nov. 19,
2024 /PRNewswire/ -- Valvoline Inc. (NYSE: VVV),
the quick, easy, trusted leader in preventive automotive
maintenance, announces it intends to refranchise 38 existing
Valvoline Instant Oil ChangeSM service centers to a new
franchisee, Velocity Auto Care. The service centers are located in
Austin, San Antonio, El
Paso and west Texas.
"One of our strategic priorities is accelerating our network
growth," said Lori Flees, Valvoline
Inc. President and Chief Executive Officer. "We are pleased to have
franchisees that can expand select markets more rapidly than the
company was planning. More service centers, whether owned and
operated by the company or a franchise, deliver more convenience
for our customers, more opportunities for our team members, and
more value to our shareholders. We look forward to many years of
outstanding partnership with our newest franchisee, Velocity Auto
Care."
The new franchise partner, Velocity Auto Care, is a wholly owned
portfolio company of Franchise Equity Partners which owns a
portfolio of 10 different franchise companies operating
quick-service restaurants, residential home services, auto
dealerships, and more. In total, Franchise Equity Partners operates
more than 750 storefronts across 33 states.
"We are excited to join the Valvoline Instant Oil Change
franchise," said Mike Esposito,
Co-Founding and Managing Partner of Franchise Equity Partners.
"Valvoline Inc. is a brand Americans have known for generations,
and everyone at Velocity Auto Care is committed to continue
delivering the quick, easy, trusted service that customers of
central and west Texas appreciate
and depend on."
This transaction will be the third refranchising initiative by
Valvoline Inc. The company completed two transactions in fiscal
year 2024, converting a total of 28 company stores to franchise in
the growing markets of Las Vegas
and Denver.
Footprint Capital is serving as financial advisor to the
company.
The company will share additional details about this
refranchising effort during its Fourth Quarter FY24 Earnings
Announcement at 9 a.m. ET today,
Nov. 19.
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.
About Franchise Equity Partners:
Franchise Equity Partners is a private investment firm specializing
in providing capital to franchise businesses and their owners. Its
differentiated approach combines extensive corporate finance and
operating experience with an initial target portfolio size
of $1 billion to enable growth, ownership simplification,
succession and estate planning, among other strategic business
opportunities. To learn more about Franchise Equity Partners,
please visit www.fep-us.com or follow the firm
on LinkedIn.
Forward-Looking Statements
Certain statements herein,
other than statements of historical fact, are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements may include,
without limitation, executing on the growth strategy to create
shareholder value by driving the full potential in the Company's
core business, accelerating network growth and innovating to meet
the needs of customers and the evolving car parc; realizing the
benefits from the sale of Global Products; and future opportunities
for the remaining stand-alone retail business; and any other
statements regarding Valvoline's future operations, financial or
operating results, capital allocation, debt leverage ratio,
anticipated business levels, dividend policy, anticipated growth,
market opportunities, strategies, competition, and other
expectations and targets for future periods. 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 (the "SEC"), including in the
"Risk Factors," "Management's Discussion and Analysis of Financial
Condition and Results of Operations," and "Quantitative and
Qualitative Disclosures about Market Risk" sections of Valvoline's
most recently filed periodic reports on Forms 10-K and 10-Q, which
are available on Valvoline's website at
http://investors.valvoline.com/sec-filings or on the SEC's
website at http://www.sec.gov. Valvoline assumes no obligation to
update or revise these forward-looking statements for any reason,
even if new information becomes available in the future, unless
required by law.
™ Trademark, Valvoline Inc., or its subsidiaries, registered in
various countries
SM Service mark, Valvoline Inc., or
its subsidiaries, registered in various countries
For Further Information
Media Inquiries
Angela Davied
+1 (877) 508-0832
media@valvoline.com
Investor Inquiries
Elizabeth B. Clevinger
+1 (859) 357-3155
IR@valvoline.com
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SOURCE Valvoline Inc.